“The power under the constitution will always be in the people. It is entrusted for certain defined purposes, and for a certain limited period, to representatives of their own choosing; and whenever it is executed contrary to their interest, or not agreeable to their wishes, their servants can and undoubtedly will, be recalled.”

~ George Washington (1787)

Wednesday, March 13, 2013

"I'll gladly pay you Tuesday for a tax hike today"

Sen. Patty Murray’s new budget plan calls for raising tax revenues by nearly $1 trillion while cutting spending by roughly the same amount over the next decade, according to people familiar with the proposal.

The Budget Committee chairwoman briefed fellow Democratic senators over the new proposal in a closed-door lunch Tuesday that President Barack Obama also attended. Committee deliberations will begin Wednesday, and the panel expects to vote on the plan Thursday before floor debate next week.

The plan is a non-binding blueprint that does not carry the force of the law, but it allows each party to lay out its vision and priorities for the coming fiscal year.

Murray’s plan calls for $1.85 trillion in additional deficit reduction over the next decade, Democrats said Tuesday. It calls for $975 billion in spending cuts and an additional $975 billion would be raised through an overhaul of the Tax Code by eliminating certain tax deductions, including ones typically claimed by high earners and corporations.
Read the rest here. And hold on to your wallets -- the budget proposal by the Senate Democrats is a pig in a poke.  Let's hope the Republicans don't buy it.