After 4 Long Years Senate Democrats Finally Propose Budget – Includes $1 Trillion In New Taxes

March 12, 2013 5:29 pmViews: 4651

Patty Murray Senate Democrat budget


The era of being able to say, "the Democrats have not produced a budget in 4 years" is over because the Democrats have finally produced a budget. But because it includes nearly $1 trillion in new taxes on top of the $600 billion President Obama got Republicans to agree to on the debt ceiling negotiations last year, no Republican in their right mind will vote, or should vote, for such nonsense.

The budget was unveiled by Senate Budget Committee Chairwoman Patty Murray on Tuesday to her Democratic colleagues. It would remove the next nine years of the sequester budget cuts and replace those spending reductions with what she is calling a 50-50 mix of tax increases and other spending cuts (It is too early to tell if those are real spending cuts or cuts to the rate of growth, but we have a good guess as to what they are).

On the surface, the Democrat proposed budget is said to include budget cuts of $1.85 trillion over 10 years, but when sequester cuts are turned off, it only comes out to $800 billion over 10 years. Understand that, the Democrats are asking for more that $1 trillion in new taxes and are proposing a mere $800 billion or $80 billion a year in budget cuts.

And if that isn't enough to make you happy with liberal giddiness, the budget proposes a $100 billion stimulus right up front so the first year's budget savings are already wiped out plus you can add $20 billion to that price tag.

Read more about the Democrat proposed budget vs the Paul Ryan budget below from TheHill.com:

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.

While Ryan’s budget would reduce the highest tax rate from 39.6 percent to 25 percent, providing a significant tax cut to the wealthiest households, Murray’s budget would raise $975 billion in tax revenue by closing corporate and individual tax loopholes.

More details on the tax plan were expected Wednesday when the committee begins its formal markup of the budget.

Committee Ranking Member Jeff Sessions (R-Ala.) said based on the reported details, Murray’s budget increases taxes to pay for more federal spending.

“If the Senate Majority’s budget actually contains these accounting tricks, it would increase spending above already massive projections for spending growth. In other words, Senate Democrats would be proposing a tax hike to fuel even more wasteful government spending,” Sessions said.

“Can it really be this is all they have developed after four years of not producing a plan?  If that it is so, no wonder why they won’t make their proposal public until after the committee meets.”

Murray’s budget also will contain reconciliation instructions on tax reform, a move that could allow the budget, which cannot be filibustered in the Senate, to become the legislative vehicle for a tax reform bill. This would also allow a tax bill to move through the Senate under a majority vote, since reconciliation bills cannot be filibustered.

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