House Democrats’ Budget Has $1.2 Trillion in New Taxes
The Democrats of the U.S. House of Representatives introduced a budget plan on Monday that includes $1.2 trillion in new taxes and $200 billion in stimulus spending — twice the stimulus spending that Democrats in the upper chamber proposed last week.
Meanwhile, House Republicans have put forth a budget plan for 2014 that would cut tax rates and spending by $5.7 trillion compared to the Congressional Budget Office baseline, The Hill reports.
“We focus immediately on accelerating the economic recovery, on growing jobs rather than shrinking jobs,” said Budget Committee Ranking Democrat Chris Van Hollen of Maryland, The Hill reports.
According to Van Hollen, the House Democratic budget would end tax breaks for individuals and corporations, raising $1.2 trillion in revenue over ten years. It also includes higher guaranteed transportation spending, The Hill reports.
The budget also included more spending cuts than tax increases, Van Hollen said, if the $1.5 trillion in cuts approved by the last Congress are included.
He also noted that his budget, like that of Senate Democrats, ends nine years of automatic cuts through the sequester that took effect on March 1, The Hill reports.
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