Senate Democrats Have Released Their First Budget In 4 Years - Here's What's In It
The budget, which was introduced Wednesday by Senate Budget Committee Chairwoman Patty Murray (D-Wash.), stands in sharp contrast to the one unveiled Tuesday by House Budget Committee Chairman Paul Ryan.
Here are some of the details in the Senate budget:
- It fully replaces the sequester — the $1.2 trillion in automatic, across-the-board spending cuts that begin kicking in March 1 — with a split of different spending cuts and new revenue.
- A $100 billion stimulus package, which is aimed at repairing public schools, roads and bridges.
- It aims to reduce the deficit to below 3 percent of GDP by 2015.
- It includes $975 billion in spending cuts — $275 billion from Medicare and Medicaid, $240 billion from defense, and $242 billion in estimated savings on interest payments.
- $975 billion in new revenue comes from from closing tax loopholes that largely benefit higher income earners.
“Our budget is built on three principles," Murray said in opening remarks at the Senate Committee Budget markup of the budget on Wednesday.
"Number one, we need to protect our fragile economic recovery, create jobs, and invest in long-term growth. Number two, we need to tackle our deficit and debt fairly and responsibly. And number three, we need to keep the promises we’ve made as a nation to our seniors, our families, and our communities."
In a statement, the White House praised the budget, saying it met President Barack Obama's test of balanced deficit reduction.
"This budget makes tough spending cuts and leaves no sacred cows, but it also makes sure that seniors and the middle class aren’t forced to bear the full burden of deficit reduction by eliminating wasteful loopholes through tax reform, so that the wealthiest Americans pay their fair share," White House press secretary Jay Carney said.
You can read the full budget plan below: