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Well, it’s now been one day since Harry Reid and the US Senate has passed a budget. It has only been four years since they passed their previous budget. I suppose there is no real sense in going overboard on budgets, we can spend as many dollars as we want anyway. Or maybe more precisely print as many dollars as we want.
After pulling an all nighter, ending at nearly 05:00 EDT Saturday morning, and passing with a 50-49 vote, they’ve done it! Over the next ten years, the new budget calls for nearly $1,000,000,000,000 (is that enough 0’s?) in new revenue (taxes), cuts $875 billion with minor cuts in several federal programs (replacing sequester cuts), and permit’s the national debt to grow by over $5 trillion to foreign debt holders. That doesn’t count the debt that the US government will buy.
Some of the decade long proposals include details like $23 billion in internet taxes, an additional $600 billion in top earners taxes, $100 billion in infrastructure investments (spending), and a filibuster proof $975 billion in tax code overhauls (to be debated at a later date).
Don’t worry though, it’s really just the Senates version, and needs to be ratified with the House of Representatives budget proposal. So I would call it just a bunch of ideas being thrown out there for all to see, and not really what they will actually do, if anything.
OH, by the way, I should mention that now they can collect their paychecks, from the “no budget no pay” provision that was passed earlier this year.
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