Now that Congress and the president have released their budgets, the question in Washington becomes: “Now what?” It seems we have reached another impasse on how to move forward and actually pass one.

“We don’t have an immediate crisis in terms of debt,” President Barack Obama said today, during a discussion of the federal deficit and budget talks with Congress in an interview aired by ABC News’ “Good Morning America.”’ “In fact, for the next ten years, it’s gonna be in a sustainable place.”

A group supporting deficit reduction is launching a national advertising campaign targeting President Obama’s opposition to the across-the-board budget cuts known as sequestration that began on March 1.

A new ad from a deficit reduction group takes on President Obama’s claims that the sequester represents a “meat cleaver approach” to cutting the deficit, noting that it eliminates just 3 percent of the government’s budget.