Senate Democrats offer budget plan with tax increases and spending cuts

[TomCADem]

Source: NBC

In an opening bid for possible negotiations with House Republicans that might lead to a compromise budget resolution this summer, Senate Democrats on Wednesday formally unveiled their budget blueprint for the new fiscal year that starts Oct. 1.

The Democratic entry into the budget fray will help shape the same kind of battle in Washington over taxes and spending that has become a familiar sight in recent years.

The plan, offered by Senate Budget Committee Chairman Patty Murray, D-Wash., would seek $975 billion in spending reductions over the next 10 years as well as $975 billion in new tax revenue, which she said would be raised by “closing loopholes and cutting unfair spending in the tax code for those who need it the least,” according to Murray’s prepared remarks opening her committee’s consideration of the plan.

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The Murray plan also would scrap the automatic spending cuts, also known as the sequester, which are required by the 2011 Budget Control Act, and replace the money from the sequester with a mix of tax increases and spending cuts different from the ones required by the sequester.

Read more: http://nbcpolitics.nbcnews.com/_news/2013/03/13/17299251-senate-democrats-offer-budget-plan-with-tax-increases-and-spending-cuts?lite

[Iliyah]

1. Don't take away their loopholes - GOP.

They rather sacrifice seniors, children, poor, disable, the sick so the 1-25ers can have their caviars.

[DallasNE]

2. I Am Disappointed By The Lack Of Detail

Like Ryan's budget, this budget is more like a blueprint to a budget rather than an actual budget. Just as Ryan's budget cannot be scored by CBO, neither can this budget. It is time to stop playing games and start filling in the details. I will say that this budget is more credible simply because it doesn't double count some things like Ryan's budget does but it is still not a true, workable budget.