Senate Democrats Draft Their Version of Spending Cuts
The Democrats in Senate will start on the draft of their spending cut plan that will decrease billions of dollars from the federal budget for a period of seven months. This is the compromise they came up with the Republicans to decrease the government size this year.
The Democrats plan to incorporate President Barack Obama’s proposed budget for the next year, which included at least $33 billion in program reductions and terminations. The Democrats are also looking at the various cuts the Republican-controlled House has proposed.
There’s no official word yet as to how much the Senate Democrats plan to cut. The Republican House and the Democratic Senate must find a middle point or else the temporary measure that’s funding the federal government will expire in March 4. This will result into a government shutdown.
The Republicans approve the Democrats’ decision to abandon their stand on spending cuts but there’s still a lot of work to do to reach a compromise. Last week the Republicans in the House voted to cut $61 billion from federal budget for the period between starting from March to September. The Democrats and White House deemed the proposed cuts to be harmful to the economy.