House Democrats unveil budget matching Obama's tax increases

Source: AP-Excite

By ANDREW TAYLOR

WASHINGTON (AP) — House Democrats Monday unveiled a $3.7 trillion budget plan for next year that mirrors President Barack Obama's call for $1.8 trillion in tax increases on wealthier people and corporations over the coming decade but would add almost $6 trillion to the national debt over that time.

The plan by Maryland Democrat Chris Van Hollen rejects deep cuts proposed by Republicans to social safety net programs and would keep the health care law intact.

The plan calls for a wave of new spending for infrastructure like roads and bridges and additional funding for education and medical research. It would make modest curbs on the rapid growth of the popular Medicare program. As a result, deficits would grow from a projected $378 billion next year to $717 billion in 2025.

The Democratic plan has no chance of being adopted during House debate this week but draws a contrast between the competing fiscal priorities of the two parties. The GOP measure manages to project balance but promises unrealistic cuts to domestic programs like transportation to do so. It also would leave in place revenues consistent with keeping more than $1 trillion in tax increases from so-called "Obamacare" in place.

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