Senate Drafts Its First Budget in Four Years, includes $1 trillion in tax increases
The Senate on Wednesday presented its first budget in four years, a proposal by leaders of the Democrat-controlled chamber that calls for nearly $1 trillion in tax increases but includes no strategy to make federal revenue match spending in the coming years.
The plan calls for $975 billion in new tax revenue through closing loopholes and ending deductions and credits benefiting corporations and the country’s highest wage earners.
It also calls for $100 billion in new stimulus spending while cutting $1.85 trillion from the deficit over 10 years. The rest of the savings would come through spending cuts.
Senate Budget Committee Chairman Patty Murray said the budget takes a balanced, “pro-middle-class” approach and argued the country’s economic problems started long before fellow Democrats entered the White House in 2009.