–Senate Budget Chair Conrad Says Budget Would Cut Deficits Beyond Obama
–Sen. Conrad: Budget Would Reduce Deficit To 3% of GDP in 2015
–Top Republican Sen Gregg: Democratic Plan Is Deeply Flawed
–Sen. Gregg: Deficit Problem Primarily Driven By Spending
By John Shaw
WASHINGTON (MNI) – The Senate Budget Committee voted Thursday to
approve the fiscal year 2011 budget resolution drafted by the Democratic
chairman of the panel, Sen. Kent Conrad.
The Senate Budget Committee approved the Conrad budget on a party
line vote, 12 to 10.
Conrad did not say when the full Senate will debate his plan. The
Senate is expected to spend the next several weeks working on financial
regulatory reform.
Budget law requires Congress to pass a budget resolution by April
15, but this deadline is often missed.
Conrad’s five year fiscal plan would ratchet budget deficits down
from $1.4 trillion in fiscal year 2010 to $545 billion in FY’15.
A deficit of $545 billion in FY’15 would represent about 3% of GDP,
Conrad said.
Conrad said his budget would allow for about $780 billion in net
tax cuts over five years and said this should be used to renew the 2001
and 2003 tax cuts for middle and low income taxpayers that are set to
expire.
Conrad said his budget allocates $1.122 trillion for discretionary
programs in FY’11. This is $4 billion below President Obama’s request.
Sen. Judd Gregg, the ranking Republican on the Budget panel, said
the Democratic budget fails to confront the main driver of the nation’s
long-term fiscal challenges: soaring spending, especially for
entitlement programs.
Budget resolutions are non-binding congressional blueprints that
set spending and revenue goals and made budget deficit predictions.
Budget resolutions are important for setting the ceiling on
discretionary spending for the coming fiscal year.
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
