Senate Democrats Propose Budget

Senate Dems budget

As President Barack Obama and congressional leaders huddled to negotiated a deficit reduction deal, Sen. Kent Conrad (D-ND) released the much-anticipated Senate Democrats budget framework.

The proposal, calls for new revenues in order to reach $4 trillion in deficit reduction, through a combination of spending cuts and tax reform.

While unlikely to pass in its current form, the framework will undoubtedly influence the ongoing debt ceiling and deficit reduction debate.


Spending would remain at historical norms.

A 50-50 Spending/Revenue Split

Lower spending as a per cent fo GDP

Pay freezes and other cuts extended

Tax reform

More taxes for millionaires

Those earning under $1 million will pay lower taxes

Higher taxes on the rich don't slow the economy, they argued

Alan Greenspan says Congress should close the loopholes


NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.