Senate Democrats’ budget: This is what we spent four years waiting for?
In theory, the plan authored by Senate Budget Committee Chair Sen. Patty Murray claims to cut spending by about $975 billion from fiscal years 2014 through 2023. That includes $240 billion in defense cuts accounting for the winding down of the war in Afghanistan, $240 billion in claimed “responsible savings across domestic spending” and $275 billion in Medicare savings from “further realigning incentives throughout the system, cutting waste and fraud, and seeking greater engagement across the health care system.” The budget also assumes interest payment savings.
The problem is that these paper spending cuts are more than offset by the proposal to spend $960 billion to replace the automatic sequestration spending cuts as well as the $100 billion in new stimulus spending.
The deficit reduction that does exist comes in the form of tax increases. The budget says, it, “Achieves $975 billion in deficit reduction by closing loopholes and eliminating wasteful spending in the tax code that benefits the wealthiest Americans and biggest corporations.” But it doesn’t specify which loopholes will be closed.