LIVE: Watch 5:00pm news on WHNT News 19

Senate Issues Its Own Budget Proposal

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WASHINGTON, DC (WHNT) - We've got another budget proposal to debate - this one coming from the Democratically controlled Senate.

Tuesday, we walked you through the House proposal - Wednesday, the Senate's counter comes out.

While the House focuses on balancing the budget in the next decade, the Senate plan sets its goal at reducing the deficit by $4 trillion over ten years.

The Senate proposal balances $975 billion of cuts to planned spending with $975 billion in additional tax money - generated by targeting the country's wealthiest Americans and biggest corporations.

The Senate budget also calls for a full repeal of the sequester.

However, it does include $240 billion in cuts from planned defense spending.

It's important to note that both the Senate and House budget proposals remain far apart - and the two would have to be consolidated to create a budget for the country going forward.