Thursday, April 17, 2014

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U.S. Senate Approves First Budget In Four Years

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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. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP