Senate Dem budget includes nearly $1 trillion in new taxes
The first budget from Senate Democrats in four years includes nearly $1 trillion in new taxes but would not balance the budget.
The blueprint unveiled by Senate Budget Committee Chairwoman Patty Murray (D-Wash.) on Tuesday to her Democratic colleagues would also turn off the next nine years of the sequester and replace those spending cuts with a 50-50 mix of tax increases and spending cuts.
The budget would dedicate $100 billion to economic stimulus in the form of infrastructure spending and job training. Murray argues that her budget cuts $1.85 trillion from deficits over 10 years. But once the sequester cuts are turned off, Murray’s budget appears to reduce deficits by about $800 billion, using the Congressional Budget Office’s baseline. The Murray budget does not contain net spending cuts with the sequester turned off.
The details of Murray’s budget came hours after House Budget Committee Chairman Paul Ryan (R-Wis.) released his budget, which reduces tax rates and slashes spending much more deeply that Murray’s budget.
The Ryan budget would balance in 10 years without raising taxes and by reducing spending over the next decade by $5.7 trillion compared to the CBO baseline.