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.
