Senate Democrats plan to draft a budget blueprint that calls for significantly higher taxes on the wealthy, oil and gas companies and corporations doing business overseas, reopening a battle over taxes Republicans had hoped to lay to rest with the “fiscal cliff.”
For nearly four years, Senate leaders have ducked their legal duty to craft a comprehensive budget framework. Now, however, Democrats see the budget process as “a great opportunity” to pursue additional tax increases — and to create a fast-track process to push them through the Senate, Sen. Charles E. Schumer (D-N.Y.) said Sunday on NBC’s “Meet the Press.”
“There’s going to have to be some spending cuts, and those will be negotiated,” Schumer, the No. 3 Democrat in the Senate, said in an interview after the show. “But doing a budget is the best way for us to get revenues.”
The announcement comes days after House Republicans offered to forgo a potentially damaging clash over the federal debt limit, saying they would vote this week to permit the government to continue borrowing through mid-April. In return, House leaders demanded that the Senate revive the traditional budget process, by which the two chambers adopt their own blueprints and work out differences in conference committee.