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The Senate on Wednesday presented its first budget in four years, a proposal by leaders of the Democrat-controlled chamber that calls for nearly $1 trillion in tax increases but includes no strategy to make federal revenue match spending in the coming years.
The plan calls for $975 billion in new tax revenue through closing loopholes and ending deductions and credits benefiting corporations and the country’s highest wage earners.
It also calls for $100 billion in new stimulus spending while cutting $1.85 trillion from the deficit over 10 years. The rest of the savings would come through spending cuts.
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