Senate Democratic budget extends standoff with GOP
"An exhausted Senate gave pre-dawn approval Saturday to a Democratic $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by House Republicans."
The proposed budget passed the senate by a straight partisan vote of 50 to 49. All Republicans and 4 Democrats facing re-election in 2014 voted no. It contains proposal to raise nearly 1 trillion dollars of new taxes over the next decade. The budget, if passed in the present form, may not necessarily impact on many retirees, but it appears the tax increase, the likely introduction of mean testing and other measures will affect the FIREd crowd who had saved for their retirement. The huge policy divide between the two parties will lead to likely protracted and acromonious fights and uncertainties in the next congressional session that could negatively impact on the fragile recovery and the market.
"An exhausted Senate gave pre-dawn approval Saturday to a Democratic $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by House Republicans."
The proposed budget passed the senate by a straight partisan vote of 50 to 49. All Republicans and 4 Democrats facing re-election in 2014 voted no. It contains proposal to raise nearly 1 trillion dollars of new taxes over the next decade. The budget, if passed in the present form, may not necessarily impact on many retirees, but it appears the tax increase, the likely introduction of mean testing and other measures will affect the FIREd crowd who had saved for their retirement. The huge policy divide between the two parties will lead to likely protracted and acromonious fights and uncertainties in the next congressional session that could negatively impact on the fragile recovery and the market.
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