Ryan blasts Obama's budget

"The broken promises and recycled gimmicks contained in this budget have dramatically widened this president’s growing credibility deficit."

Ryan is working on his own budget proposal that is likely to look similar to his plan from last year, which was approved by the House but didn't go through the Senate. 

"As chairman of the House Budget Committee, I will continue to work with my colleagues — from both parties where possible — to advance bold solutions that lift our crushing burden of debt and ensure a future of opportunity, growth and prosperity," he said. 

Jeffrey Zients, acting director of the White House budget office, will testify before Ryan's panel on Wednesday, and Treasury Secretary Timothy Geithner will appear on Thursday to discuss the budget blueprint.