Democrats agree on $2.9 trillion budget (AP)

[Eugene]

Source: Associated Press

Democrats agree on $2.9 trillion budget

By ANDREW TAYLOR, Associated Press Writer
18 minutes ago

WASHINGTON - Congressional Democrats have sealed an agreement on a
$2.9 trillion budget blueprint for the 2008 fiscal year, a House Budget
committee spokesman said.

The nonbinding plan, to be officially released later Wednesday, caps
weeks of private negotiations and paves the way for action this summer
on annual spending bills totaling $1.1 trillion.

The Democratic budget promises a balanced federal ledger in five years,
but relies on tax revenues generated by the expiration of many of the
tax cuts enacted in President Bush's first term.

Tax cuts aimed at the middle class could be renewed under the
compromise, including provisions establishing a 10 percent rate on the
first $12,000 of a couple's income, as well as relief for married couples,
people with children and those inheriting large estates.

-snip-

Read more: http://news.yahoo.com/s/ap/20070516/ap_on_go_co/congress_budget_3

[whistle]

1. With the $100 billion supplmental Iraq War funding this will top $3.0 trillion

[fazoolius_2006]

2. Hmmmm

Didn't we elect these guys to cut back on spending?

[Eugene]

3. The article continues...

by saying that the Democrats propose a pay-as-you-go
regime, offsetting new spending with spending cuts.
They also project a balanced budget by 2012 assuming
the expiration of Bush-era tax cuts.

Welcome to DU fazoolius! :hi:

[fazoolius_2006]

4. Thanks Eugene!!!

While 2012 sounds great, why can't we balance the budget now? I figure if we finished the Iraq war and didn't spend anymore, the revenue to the government should balance the budget sooner rather than later.