Senate Democrats are drafting a federal budget blueprint that would raise nearly $1 trillion in new taxes over the next decade and slice roughly $1 trillion more from projected spending, according to Democratic aides familiar with the document.
But the framework would never bring the budget into balance, potentially putting Democrats on the defensive as Washington enters a new phase in the ongoing battle over the swollen national debt.
This week, both parties are scheduled to unveil competing visions for the 10-year period that begins Oct. 1. House Republicans have made wiping out deficits their top priority, and Budget Committee Chairman Paul Ryan (R-Wis.) plans to offer a framework Tuesday that would do so entirely through spending cuts.
Democrats have mocked that approach, calling it unfair to middle-class Americans and damaging to the economy. Instead, President Obama and Senate Budget Committee Chairman Patty Murray (D-Wash.) have called for a “balanced” approach that mixes tax hikes and spending cuts with new investments in infrastructure and education.