In late March, a few days after the House approved its budget resolution, the Senate approved a budget resolution for the first time in four years. The vast differences between the dueling proposals reflect broad disagreements between Democrats and Republicans regarding how to address the federal government's persistent budget deficits.
The Senate-approved budget resolution, authored by Senate Budget Committee Chairwoman Patty Murray (D-Wash.), would modestly reduce the deficit from current projected levels during the next decade.
According to projections, if the resolution is implemented, the annual deficit would decrease from the current $1 trillion to $566 billion in 2023. Moreover, the total federal debt held by the public would be about 70 percent of U.S. gross domestic product (GDP) compared with the current 76 percent.
Register now for free access
- Full access to every article
- Online Web exclusive information
- Photo gallery
- Breaking news
- Online classified ads