After weeks of discussion amongst inter party officials and debate between parties, the Senate Democrats finally put together a U.S. Debt deal plan. It outlines $4 trillion in projected borrowing cuts over the next 10 years, however avoids the programs targeted by Obama.
As an alternative to cuts in these programs, they have instead made cuts to the Pentagon and government agencies, plus added in $2 trillion in new taxes. The plan is highly unlikely to make it much further than a drafted proposal however.
“The very strong feeling was we needed to get this into the conversation, because it provides an alternative view,” said a Senate Democrat. ” “What’s striking is how modest the changes need to be to get us back on track.”
The debt deal plan differs drastically compared to the plan that has been under negotiation between John Boehner and officials in the Democratic party, making it unlikely to pass. Democrat Kent Conrad still wishes for this proposal to catch on. “I explained to the President and Vice President how the Senate Budget Committee Democrats developed a plan that achieves $4 trillion in deficit reduction in a balanced and fair way,” Conrad said in a statement. “It is my hope the plan will help influence the bipartisan negotiations and help them reach a comprehensive and balanced deficit reduction agreement.”
House Republicans have already drafted a proposal to cut $4 trillion while not raising taxes in an economy already troubled by 9.2% unemployment. McConnell spokesman said in reference to the proposal, “If they’re calling for $2 trillion in tax hikes in the middle of a jobs crisis, it’s little wonder that it’s been 800 days since Senate Democrats passed a budget.”