Dems’ budget to contain $1 trillion in new taxes

Dems’ budget to contain $1 trillion in new taxes

Sen. Patty Murray’s new budget plan calls for raising tax revenues by nearly $1 trillion while cutting spending by roughly the same amount over the next decade, according to people familiar with the proposal.

The Budget Committee chairwoman plans to brief fellow Democratic senators over the new proposal in a closed-door lunch Tuesday that President Barack Obama is also scheduled to attend. Committee deliberations will begin Wednesday, and the panel expects to vote on the plan Thursday before floor debate next week.

The plan is a non-binding blueprint that does not carry the force of the law, but it allows each party to lay out its vision and priorities for the coming fiscal year.

Democrats expect to remain largely united, and Murray anticipates having the support of the 11 other Democrats on her committee, giving her enough support to send the bill to the floor on a party-line basis.

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