Senate Majority Mulling $2 Trillion Tax Hike
Sen. Kent Conrad (D-N.D.) on Tuesday presented a budget proposal to Senate Democrats that calls for an even balance — 50 percent to 50 percent — of spending cuts and tax increases to reduce the deficit.
The emerging consensus on Capitol Hill is there should be at least $4 trillion in deficit reduction over the next 10 years. To meet that goal, Congress would have to increase tax revenues by $2 trillion over the next decade with an equal amount of spending cuts.
In a speech last month, Obama suggested a 3-1 ratio between spending cuts and tax increases in laying out his vision for reducing deficits.
Conrad has moved his budget proposal to the left in order togain the support of Sen. Bernie Sanders (I-Vt.), an outspoken progressive on the budget panel.
Handcrafted by Flip on May 11, 2011 |
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