Senate Democrats unveil new budget plan, reduces deficit to below 3 percent of GDP by 2015

March 13, 2013
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The Senate Democrats’ budget plan was introduced by Senate Budget Committee Chairwoman Patty Murray (D-WA) on Wednesday, which is in stark contrast to Paul Ryan’s budget proposal which is in essence another gift to the wealthy, while doling out punishment to the poor. The Democratic plan includes nearly $1 trillion each in new tax hikes and spending reductions over the next decade.

The new proposal completely replaces the sequester which is supposed to kick in, and instead splits the difference with spending cuts and new revenue.

Business Insider breaks it down:

  • A $100 billion stimulus package, which is aimed at repairing public schools, roads and bridges.
  • It aims to reduce the deficit to below 3 percent of GDP by 2015.
  • It includes $975 billion in spending cuts — $275 billion from Medicare and Medicaid, $240 billion from defense, and $242 billion in estimated savings on interest payments.
  • $975 billion in new revenue comes from from closing tax loopholes that largely benefit higher income earners.

 

Senate Democratic Budget

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