15 March 2013, 13:50

US Demo budget equally raises taxes and cuts spending

US Demo budget equally raises taxes and cuts spending

US Democrats have come up with their own budget draft that aims to raise taxes by $975 billion over the next decade while also cutting spending by an equal amount of $960 billion, the Wall Street Journal says.

This would allow to reduce but not to erase the country’s budget deficit, since economic growth still stand high in the list of Democratic priorities.

Democrats are still trying to fight off the across-the-board spending cuts, known as the sequester, that began in March, while Republicans are desperate to keep it in place saying it has been signed by President Obama and can’t be annulled.

A day before, Senate Republicans presented their own budget blueprint that would spread additional $4.6 billion worth of state-wide cuts over the past decade to balance the budget. The GOP also seems to be reluctant to chop Bush-era tax breaks that Democrats are vying to curb.

Voice of Russia, Interfax

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