President Barack Obama, escorted by House Sergeant at Arms Paul Irving, right, waves as he arrives on Capitol Hill in Washington, Wednesday, March 13, 2013, for closed-door talks with House Speaker John Boehner and the House Republican Conference to discuss the budget. (AP Photo/J. Scott Applewhite)
News Summary: Senate panel to OK tax-raising plan
Published: 05:44:06 PM, Thu 14 March 2013 UTC
PARTY LINE: The Democratic-led Senate Budget Committee is moving toward party-line approval of a 2014 fiscal blueprint that would trim the budget deficit while protecting safety net programs.
MEETINGS CONTINUE: The Senate budget plan blends about $1 trillion in modest cuts to health care providers, the Pentagon, domestic agencies and interest payments on the debt with an equal amount in new revenue claimed by ending some tax breaks. But because it would also restore $1.2 trillion in spending cuts imposed by Washington's failure to strike a broader budget pact, the plan increases spending.
OPPOSITE APPROACH: In the House, Budget Committee Republicans approved a budget plan Wednesday that slashes spending by $4.6 trillion over the coming decade and promises sweeping cuts to Medicaid and domestic agencies.
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