(WASHINGTON) -- The proposal being unveiled by Senate Democrats on Wednesday to balance the nation's books will be markedly different from what Republican Congressman Paul Ryan presented on Tuesday in that it offers both significant spending cuts and tax revenue increases.
Specifically, Washington Democrat Patty Murray, chair of the Senate Budget Committee, will propose $1 trillion in tax hikes through 2013 that would largely be paid for by closing tax breaks and loopholes enjoyed by wealthy Americans and corporations.
Murray says there will be an equal amount in spending reductions affecting a wide swath of programs, including entitlements, although the annual deficit of over $1 trillion would be shrunk rather than completely eradicated.
The measure gets its first vote in the committee on Thursday, with all 10 Democrats expected to approve the bill and all eight Republicans certain to vote against it. It also marks the first budget offered by Senate Democrats since 2009.
Ryan's latest budget would cut $4.6 trillion in spending by 2023 and decrease net spending from $46 trillion to only $41 trillion over the next decade. There would be no new taxes.
As promised, Ryan also wants to repeal the president’s healthcare law, simplify the tax code into two brackets and cut federal pensions.
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