Senate passes budget but summer showdown looms
Source: Agencies |
March 24, 2013, Sunday
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Print Edition
Print Edition
THE US Senate yesterday narrowly passed its first federal budget in four years, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.
The budget plan passed 50-49 at about 5am after a marathon voting session in the Democratic-controlled chamber. Four Democratic senators facing tough re-election campaigns in 2014 joined all the Senate Republicans in opposing the measure, which seeks to raise nearly US$1 trillion in new tax revenues by closing some tax breaks for the wealthy.
The Senate budget, which reflects Democratic priorities of boosting near-term job growth and preserving social safety net programs, will square off in coming months against a Republican-focused budget passed by the Republican-dominated House of Representatives.
Neither of the non-binding blueprints has a chance of passage in the opposing chamber, leaving Congress no closer to resolving deep differences. But they give each party a platform from which to tout their fiscal visions.
The Democrats' plan from Senate Budget Committee Chairman Patty Murray aims to reduce deficits by US$1.85 trillion over 10 years through tax increases and spending cuts.
The Republican plan from House Budget Committee Chairman Paul Ryan seeks US$4.6 trillion in savings over the same period without raising new taxes. It aims to reach a small surplus by 2023 through deep cuts to healthcare and social programs.
The White House welcomed the Senate move. "Today, the Senate passed a budget plan that will create jobs and cut the deficit in a balanced way," White House spokesman Jay Carney said.
The budget plan passed 50-49 at about 5am after a marathon voting session in the Democratic-controlled chamber. Four Democratic senators facing tough re-election campaigns in 2014 joined all the Senate Republicans in opposing the measure, which seeks to raise nearly US$1 trillion in new tax revenues by closing some tax breaks for the wealthy.
The Senate budget, which reflects Democratic priorities of boosting near-term job growth and preserving social safety net programs, will square off in coming months against a Republican-focused budget passed by the Republican-dominated House of Representatives.
Neither of the non-binding blueprints has a chance of passage in the opposing chamber, leaving Congress no closer to resolving deep differences. But they give each party a platform from which to tout their fiscal visions.
The Democrats' plan from Senate Budget Committee Chairman Patty Murray aims to reduce deficits by US$1.85 trillion over 10 years through tax increases and spending cuts.
The Republican plan from House Budget Committee Chairman Paul Ryan seeks US$4.6 trillion in savings over the same period without raising new taxes. It aims to reach a small surplus by 2023 through deep cuts to healthcare and social programs.
The White House welcomed the Senate move. "Today, the Senate passed a budget plan that will create jobs and cut the deficit in a balanced way," White House spokesman Jay Carney said.
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