The US Senate passed its first formal budget proposal in four years early in the morning on Saturday. The 2014 Budget calls for one trillion dollars in tax increases. The proposal would reduce the deficit over the next 10 years. The bill passed 50 to 49 with no republicans voting for it and only four democrats voting against it.
The bill that passed the democratic controlled senate is not expected to pass thru the republican controlled house of representatives. The house plan would reduce spending by a trillion dollars and balance the budget in 10 years.