US Senate narrowly passes first budget in four years

The US Senate narrowly passed its first federal budget in four years on Saturday, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.

The budget plan passed 50-49 at about 5 am after a marathon voting session in the Democratic-controlled chamber. Four Democratic senators facing tough re-election campaigns in 2014 joined all the Senate Republicans in opposing the measure, which seeks to raise nearly $1 trillion in new tax revenues by closing some tax breaks for the wealthy.

The Senate budget, which reflects Democratic priorities of boosting near-term job growth and preserving social safety net programs, will square off in coming months against a Republican-focused budget passed by the Republican-dominated House of Representatives.

Neither of the non-binding blueprints has a chance of passage in the opposing chamber, leaving Congress no closer to resolving deep differences over how to shrink US deficits and grow the economy. But they give each party a platform from which to tout their respective fiscal visions.

The Democrats' plan from Senate Budget Committee Chairman Patty Murray aims to reduce deficits by $1.85 trillion over 10 years through an equal mix of tax increases and spending cuts.

The Republican plan from House Budget Committee Chairman Paul Ryan seeks $4.6 trillion in savings over the same period without raising new taxes.

It aims to reach a small surplus by 2023 through deep cuts to healthcare and social programs that aid the elderly and poor.

Murray said after the vote that she would try to work with Ryan on a path toward compromise.

"While it is clear that the policies, values and priorities of the Senate budget are very different than those articulated in the House budget, I know the American people are expecting us to work together to end the gridlock and find common ground, and I plan to continue doing exactly that."

'Herculean feat'

"Doing this has been a Herculean feat," said Democratic Majority Leader Harry Reid.

The House of Representatives on Thursday adopted its own budget resolution, which seeks to reach balance within 10 years through significant reductions in federal spending, the overhaul of entitlements like Medicare and the repeal of Obama's healthcare law.

Republican Minority Leader Mitch McConnell, meanwhile, praised the comprehensive debate on the floor that allowed lawmakers to eventually reach their objective of voting on a fiscal blueprint.

"You may not feel it at the moment, but this is one of the Senate's finest days in recent years," he said.

Reuters-AFP

(China Daily 03/25/2013 page11)