Senate Issues Its Own Budget Proposal

Posted on: 5:17 pm, March 13, 2013, by , updated on: 07:40pm, March 13, 2013

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.