Senate Passes $3.7 Trillion Budget, Its First in 4 Years

by Jonathan Weisman, CNBC.com  |  published on March 24, 2013

senate

After a grueling, all-night debate that ended close to 5 a.m., the Senate on Saturday adopted its first budget in four years, a $3.7 trillion blueprint for 2014 that would fast-track passage of tax increases, trim spending gingerly and leave the government still deeply in the debt a decade from now.

The 50-49 vote sets up contentious — and potentially fruitless — negotiations with the Republican-dominated House in April to reconcile two vastly different plans for dealing with the nation’s economic and budgetary problems. No Republicans voted for the Senate plan on Saturday, and four Democrats — Mark Pryor of Arkansas, Kay Hagan of North Carolina, Mark Begich of Alaska and Max Baucus of Montana — also opposed it. All four are Red State Democrats up for re-election in 2014.

“The Senate has passed a budget,” Senator Patty Murray of Washington, the Senate Budget Committee chairwoman, declared at 4:56 a.m. Saturday.

The House plan ostensibly brings the government’s taxes and spending into balance by 2023 with cuts to domestic spending even below the automatic “sequestration” levels now roiling federal programs, and it orders significant changes to Medicare and the tax code.

The Senate plan, in contrast, includes $100 billion in upfront infrastructure spending to stimulate the economy and calls for special fast-track rules to overhaul the tax code and raise $975 billion over 10 years through legislation that could not be filibustered. Even with that tax increase and prescribed spending cuts, the Senate plan would leave the government with a $566 billion deficit in 10 years, and $5.2 trillion in additional debt over that time.

“The first priority of the Senate budget is creating jobs and economic growth from the middle out, not the top down,” Ms. Murray, the chairwoman of the Budget Committee, said. “With an unemployment rate than remains stubbornly high, and a middle class that has seen their wages stagnate for far too long, we simply cannot afford any threats to our fragile recovery.”

Read the full article: http://www.cnbc.com/id/100584821

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