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The United States Senate Has Finally Approved A Budget -- Its First In Four Years

• Business Insider
 

The sweeping plan for fiscal year 2014, the first budget blueprint passed by the Democrat-led Senate under President Barack Obama since 2009, squeaked by by the narrowest of margins, 50-49.

"Doing this has been a Herculean feat," said Democratic Majority Leader Harry Reid, noting the 100 amendments that were voted on in a marathon, 13-hour session known in the Senate as a "vote-a-rama."

The plan, shepherded by Senate Budget Committee chair Patty Murray, seeks nearly $1 trillion in new revenue over the next decade, mostly through the closure of tax loopholes that favor the wealthy, and an equal amount in reductions to government spending.

The House of Representatives on Thursday adopted its own budget resolution, which seeks to reach balance within 10 years through significant reductions in federal spending, the overhaul of entitlements like Medicare and the repeal of Obama's health care law.



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