Nonsequitur: Senate Passes Budget After 4 years

The good news is that the US Senate finally met their Constitutional mandate and passed a budget.   The bad news is that it relies heavily on $975 billion in new tax revenues, but does not cut spending.  It focuses on slowing debt growth, rather than reducing debt, and includes a large deficit in the final year of the budget.

Normally, the White House also offers a budget, and all three are “reconciled” through negotiations.  But the Obama administration has announced their budget won’t be ready until April.  The Senate leadership has promised to work with the House on reconciliation anyway.  The House passed their budget earlier this month.