Senators have passed the Conference Report to the Concurrent Budget Resolution (S.Con.Res. 13) by a vote of 53 to 43. This represents the final vote on the resolution, which serves as a blueprint for future legislation and is not signed into law. The House passed it earlier today by a vote of 233-193, with zero Republicans voting “yes.”
No Senate Republicans voted in favor of the resolution. Senators Evan Bayh (D-IN), Robert Byrd (D-WV), Ben Nelson (D-NE) and Arlen Specter (D-PA) were the four Democratic votes in opposition. Senators Ted Kennedy (D-MA), Jay Rockefeller (D-WV) and Jeff Sessions (R-AL) all missed the vote.
Reconciliation is included as the key provisions below will note. That’s the parliamentary procedure which allows for fast-track consideration of specified legislation under rules that limit amendments and debate while only requiring a simple majority for passage.
It could be used for health care reform and education-related legislation, although most key committee members are hoping to pass such bills without it. There is an October 15 deadline for finishing legislation on health care before the procedure could be used.
Here are some highlights from the budget, per the AP:
Spending
- Calls for $3.4 trillion in new spending, including $1.2 trillion for defense and domestic programs funded through appropriations bills, and $130 billion for the wars in Iraq and Afghanistan.
- Non-defense appropriations would receive a $40 billion, 8 percent boost.
- Benefit programs such as Medicare and Social Security, as well as interest payments on the $11.2 trillion national debt, account for most of the rest.
Health Care
- Permits Obama’s health care reform initiative to advance under fast-track rules that block GOP filibusters in the Senate. (reconciliation)
Taxes
- Endorses extending middle-class tax cuts passed in 2001 and 2003 under President George W. Bush; they include a 10 percent tax bracket, lowered rates on income and investments, relief from the “marriage penalty,” education tax breaks and the child tax credit.
- Provides a three-year “patch” of the alternative minimum tax so more than 20 million taxpayers don’t get hit with tax increases averaging $2,000 a year.
- Increases the top income tax rate from 35 percent to 39.6 percent for individuals making more than $200,000 per year.
- Allows Obama’s $400 “Making Work Pay” tax credit for most workers to expire at the end of next year.
Deficits
- Projects deficits of $1.7 trillion in 2009, $$1.2 trillion in 2010, $916 billion in 2011, $620 billion in 2012, $581 billion in 2013 and $523 billion in 2014.
Debt
- Foresees an increase in the national debt to $17 trillion by 2014.
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