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Senate Democrats release budget resolution

March 13, 2013

Senate Budget Committee Chairwoman Patty Murray (D-WA) today unveiled a budget resolution for fiscal year 2014 that includes $1.85 trillion in savings over 10 years through an equal combination of tax revenue increases and spending cuts. Murray’s proposal calls for $975 billion in additional revenue, primarily through closing tax loopholes. The budget also proposes $500 billion in domestic cuts, including $275 billion in unspecified health care reductions; $240 in defense spending cuts; and $242 in reduced interest payments. The savings would replace the sequestration cuts that went into effect March 1. The proposed health care savings would be achieved by building on the delivery system reforms included in the Patient Protection and Affordable Care Act and “further realigning incentives throughout the system, cutting waste and fraud, and seeking greater engagement across the health care system.” In addition, the budget calls for $100 billion in economic stimulus measures. The Senate Budget Committee is expected to vote on the resolution and amendments tomorrow.