First U.S. Senate budget includes $1 trillion in new taxes
Members of the United States Senate have been criticized by media, constituents and other finger pointers for not producing a budget in four years.
It was reported in The Hill on Tuesday, March 12 that Senate Democrats (holders of a majority in the upper house of Congress) have come up with a budget. However, the budget plan being floated by Senate Democrats does not balance and it includes a $1 trillion in new taxes. That’s after they’ve already raised taxes on the richest 2 percent in the U.S.
This Democrat blueprint was presented by Senate Budget Committee Chairwoman Patty Murray. She is a Democrat from Washington state. Murray said the plan calls for eliminating the remaining nine years of sequestration. That’s a good thing, right?
Well, no. She is advocating, as do the other committee Democrats, replacing sequestration cuts with a 50-50 mix of tax hikes and spending cuts. Yeah, that’ll work. (Not really. It hasn’t worked in the past when Democrats proposed spending cuts and raising taxes.)
Under this Senate budget there would be $100 billion borrowed to stimulate job growth by updating the nation’s infrastructure and job training. (Where is that $100 billion going to come from?)
Murray’s budget proposal conflicts with numbers furnished by the Congressional Budget Office. Her budget cuts $1.85 trillion from deficits over 10 years. That sounds good. But, there’s always a but, once the sequester cuts are turned off, Murray’s budget appears to reduce deficits by about $800 billion. Oh, come on, Sen. Murray, no more smoke and mirrors. We the people are short on patience and political rhetoric.
Murray’s budget was launched hours before Rep. Paul Ryan, the House of Representative’s Budget Committee chairman released his budget. It’s no surprise to even casual observers, Ryan’s budget reduces tax rates and slashes spending deeper than Murray’s.
While Murray’s budget proposal does not balance over 10 years, Ryan’s budget “would balance in 10 years without raising taxes and by reducing spending over the next decade by $5.7 trillion compared to the CBO baseline.”
Hmmm, a balanced budget with spending cuts and no taxes increases or, higher taxes and no guarantee of a balanced budget. That’s a tough one.