News Summary: Senate panel to OK tax-raising plan

News Summary: Senate panel to approve budget to raise taxes, spare benefit programs from cuts

Associated Press

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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