Saturday, March 23, 2013

Senate passes Democratic budget plan

Senate passes Democratic budget plan | Detroit Free Press | freep.com:
"An exhausted Senate gave pre-dawn approval today to a Democratic $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by House Republicans.
While their victory was by a razor-thin 50-49, the vote let Democrats tout their priorities.
.....The Democratic budget's $975 billion in new taxes would be matched by an equal amount of spending reductions coming chiefly from health programs, defense and reduced interest payments as deficits get smaller than previously anticipated.
This year's projected deficit of nearly $900 billion would fall to around $700 billion next year and bottom out near $400 billion in 2016 before trending upward again.
Shoehorned into the package is $100 billion for public works projects and other programs aimed at creating jobs."

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