Senate budget plan seeks to lower deficits

[Auburn85 434]

http://news.yahoo.com/s/nm/20100421/pl_nm/us_usa_budget_senate

By Donna Smith

WASHINGTON (Reuters) – A budget plan proposed on Tuesday by a key Senate Democrat seeks to reduce U.S. deficits at a faster pace than proposed by President Barack Obama.

The tax and spending blueprint proposed by Senate Budget Committee Chairman Kent Conrad calls for reducing the federal deficit to 3 percent of the overall economy in 2015 from 9.8 percent this year.

Obama's fiscal 2011 budget plan released in February projected the deficit falling to 3.9 percent of Gross Domestic Product by 2015.

"Our budget plan significantly cuts spending and deficits and takes critical steps to put the nation back on a sound fiscal course," Conrad said in a statement.

Investors and voters are becoming increasingly alarmed by huge budget deficits brought about by the economic crisis and bringing them under control is likely to be a major issue in the November congressional elections.

Conrad's plan reduces the deficit from $1.4 trillion in 2010 to $545 billion in 2015. Obama's plan saw the deficit falling to $752 billion in 2015.

Conrad's plan would freeze all non-security discretionary spending for three years and provides for tax relief of $780 billion over five years. The proposal would continue middle-class tax breaks enacted under Republican President George W. Bush but allow those aimed at the wealthy to expire at the end of the year as called for under current law.

The plan matches Obama's defense budget request of $574 billion in the 2011 fiscal year which begins October 1, and ongoing war costs of $159 billion.

The proposal also includes language that would prevent Senate Republicans from blocking some Democratic priorities aimed at promoting job growth.

The Senate Budget Committee will take up the proposal on Wednesday with a vote expected on Thursday. The budget plan will lay the ground rules for other committees to act on spending and tax bills later in the year.

It is unclear whether House Democrats will enact a budget plan this year. Democratic leaders have said they were still considering whether to adopt a plan.

(Editing by Eric Beech)

[Tigermike 3,425]

Our budget plan significantly cuts spending

If they are serious and significantly cut spending,,,,,,, well we will see if they are serious.

It is unclear whether House Democrats will enact a budget plan this year. Democratic leaders have said they were still considering whether to adopt a plan.

It doesn't seem that they are on the same page.

The proposal also includes language that would prevent Senate Republicans from blocking some Democratic priorities aimed at promoting job growth.

Same old BS same old BS.