The Senate devotes its day to discussions on the nation's budget and the new health care law.

The Senate Budget Committee hears from Congressional Budget Office (CBO) Director Douglas Elmendorf at 10:00 a.m. ET. The non-partisan agency released a report on the budget deficit Wednesday that showed a shortfall of $1.4 trillion for fiscal year 2011, the largest as a percentage of the nation's gross domestic product since 1945.

Those numbers are expected to be fuel for the heated debate raging on the Hill over where and how much to cut from the nation's budget.

Sens. Johnny Isakson, R-Ga., and Jeanne Shaheen, D-N.H., plan to introduce their proposal to do just that at an 11:00 a.m. ET media availability.

After a day of hearings on the new health care law on the House side Wednesday, the Senate gets in on the act. Health and Human Services Secretary Kathleen Sebelius testifies before the Senate Health, Education, Labor and Pensions Committee at 10:00 a.m. ET on the plan.

The Senate Tea Party Caucus convenes for the first time Thursday morning. Sens. Jim DeMint, R-S.C., Mike Lee, R-Utah, and Rand Paul, R-Ky., meet with representatives from several grass roots Tea Party groups.

We'll be following all these stories and more so stay with Fox News for the latest.