Senate Democrats say they want a “balanced” approach to deficit reduction. Here’s their idea of how to achieve that, as expressed in actual legislation:
White House-backed legislation in the Senate to replace $85 billion in across-the-board spending cuts would raise the deficit through the end of the budget year by tens of billions of dollars, officials said late Wednesday as the two parties maneuvered for public support on economic issues. The nonpartisan Congressional Budget Office said that under the Democratic measure, deficits also would rise in each of the next two years before turning downward. Democratic officials had said earlier in the day their bill would spread one year’s worth of anticipated savings — $85 billion — over a decade in an attempt to avoid damaging the shaky economic recovery. The legislation would cancel across-the-board cuts due to begin on Friday. Instead, it would eliminate payments to some farmers, enact defense reductions beginning in two years and impose tax increases, mostly on millionaires. White House spokesman Jay Carney recently told reporters at the White House the administration supports the measure.