Senate passes budget with $1 trillion tax hike
Posted in the Townsend Forum
#1 Mar 23, 2013
by David Lawder, Reuters
WASHINGTON -- The Senate on Saturday narrowly passed its first federal budget in four years, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.
The budget plan was passed by a 50-49 vote in the Democratic-controlled chamber. Four Democratic senators facing tough re-election campaigns in 2014 joined all the Senate Republicans in opposing the measure, which seeks to raise nearly $1 trillion in new tax revenues by closing some tax breaks for the wealthy.
The Senate budget, which reflects Democratic priorities of boosting near-term job growth and preserving social safety net programs, will square off in coming months against a Republican-focused budget passed by the Republican-dominated House of Representatives.
Neither of the non-binding blueprints has a chance of passage in the opposing chamber, leaving Congress no closer to resolving deep differences over how to shrink U.S. deficits and grow the economy. But they give each party a platform from which to tout their respective fiscal visions.
The Democrats' plan from Senate Budget Committee Chairman Patty Murray aims to reduce deficits by $1.85 trillion over 10 years through an equal mix of tax increases and spending cuts.
The Republican plan from House Budget Committee Chairman Paul Ryan seeks $4.6 trillion in savings over the same period without raising new taxes. It aims to reach a small surplus by 2023 through deep cuts to health care and social programs that aid the poor.
"The House budget changes our debt course, while the Senate budget does not," said Senator Jeff Sessions, the top Republican on the Senate Budget Committee.
'Very different' values
Murray said after the vote that she would try to work with Ryan on a path toward compromise.
"While it is clear that the policies, values, and priorities of the Senate budget are very different than those articulated in the House budget, I know the American people are expecting us to work together to end the gridlock and find common ground, and I plan to continue doing exactly that."
Passage of a stop-gap government funding measure on Thursday lowered the temperature in the budget debate by eliminating the threat of a government shutdown next week.
"We're going to get a breather here. Congress will let things cool off a bit and there'll be other issues that come to the forefront in the spring," said Greg Valliere, chief political strategist at Potomac Research Group, a firm that advises institutional investors on Washington politics.
These issues include legislation on gun control, immigration reform and initial work on simplifying the tax code, which is particularly important to Republicans.
Joining Republicans in opposing the Democratic budget were Democratic senators from conservative-leaning states: Max Baucus of Montana, Mark Begich of Alaska, Kay Hagan of North Carolina and Mark Pryor of Arkansas.
Voting for a budget that raises tax revenues could increase their vulnerability in congressional elections next year and put Democrats' thin majority at risk.
In the lead-up to the Senate vote early on Saturday morning, the body considered more than 100 largely symbolic, non-binding amendments to the budget aimed at scoring political points and staking out positions.
Among notable amendments, the Senate signaled strong support for allowing states more authority to collect sales taxes on Internet purchases, for approval of the controversial Canada-to-Texas Keystone XL oil pipeline and for repealing a tax on medical devices imposed by President Barack Obama's health care reform law.
#2 Mar 23, 2013
Good thing you don't have to worry about paying taxes.
#3 Mar 23, 2013
The Senate must concentrate on pro America jobs bills!!! Force American corporations to employ at home or tax them out of the business as we need to pass laws that exempt American employers from having to pay tax. Begin with manufacturors.
The American corporations that will not employ Americans must be taxed out of the market and at the same time finance upstart American manufacturing in the same fields.
Start with Gillettes, GE, Nike, and others. Have these corporations give the government their employee breakdowns by country.
Corporations with over 90% of employees within American will be tax exempt others will get slammed with overwhelming taxes that may help them to decide to move employment back to America!
The American consumer market is one of the biggest in the world. This is a situation that we must use tour benefit as it is a resource.
We also need to reinvent US University's as being the greatest in the world. This is also a resource.
In order to be a strong country we must manufacture things within the US. We must be strong in reinventing manufacturing within America!
Then we can cut welfare and food stamp programs as citizens transition to employment.
At the exact same time take on a massive infrastructure campaign throughout America.
This can be done at the same time! We need strong leadership! We need a new Senate and House that will bring us to this self sufficient point in our history.
Americans want to work!!!!!!!!! We need to stop catering to the wealthy asap and across the board! Closing these loopholes is the law as Republicans are acting like it is leverage!
Enough is enough. Lets make America great again!
And we have to stop allowing Iran and North Korea threatening the US with Nuclear destruction as we must make it clear that if they make such a move we will level their countries to baron deserts. We have done a lot for the entire world not to be threatened with destruction.
#4 Mar 23, 2013
If we do everything you suggest, do you think it will be ablle to get you off the government dole?
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