Friday, April 18, 2014

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 

News

U.S. Senate Approves First Budget In Four Years

  • Text size: + -
TWC News: U.S. Senate Approves First Budget In Four Years
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

The U.S. Senate narrowly approved a budget plan Saturday, relying on nearly a trillion dollars in tax hikes and spending cuts to close the deficit.

The Senate voted to approve the measure 50 to 49 just before 5 a.m.

It's the first Senate budget in four years.

The $3.7 trillion plan calls for raising taxes by $975 billion over the next decade, with a commitment for an equal amount in spending reductions.

It's unclear whose taxes could go up.

The plan aims to shrink annual deficits from $900 billion to about $400 billion by 2016, but it could swing up again.

Now lawmakers will take on the challenging task of reconciling this plan with a vastly different budget passed by the Republican-led House this week.

That plan would balance the budget within 10 years and includes big cuts to domestic programs, including medicaid and food stamps, but no tax increases.

President Barack Obama plans to release his own 2014 budget next month.

10.11.12.247 ClientIP: 54.204.200.90, 23.62.6.63 UserAgent: CCBot/2.0 (http://commoncrawl.org/faq/) Profile: TWCSAMLSP