• Senate Democrats Introduce Budget
  • March 20, 2013
  • Law Firm: McDonald Hopkins LLC - Cleveland Office
  • Senate Democrats, led by Budget Committee Chair Patty Murray (D-WA), unveiled their own budget this week. Murray’s budget, which is supported by every Democrat on the Budget Committee, as well as by independent Senators Bernie Sanders (VT) and Angus King (ME), calls for almost $1 trillion in new revenue by closing loopholes and eliminating deductions for high income earners and corporations.

    The Murray budget also claims to achieve almost $1 trillion in deficit reduction through spending cuts. Roughly $500 billion of the spending cuts come from the domestic spending side with an additional $240 billion in cuts coming from defense. The final roughly $240 billion in savings is an assumption based on savings from reduced interest payments on the federal debt. Critics have assailed this “savings” as a “gimmick.”

    The Murray budget also includes new spending in the form of a $100 billion jobs and infrastructure package. The Senate Democrats say this new spending would: “start creating new jobs quickly, begin repairing the worst of our crumbling roads and bridges, and help train our workers to fill 21st century jobs.”

    On Thursday night, the Senate Budget Committee passed the Murray budget out of committee by a 12 to 10 vote.