Senate Majority Leader Harry Reid released a statement Monday on the budget proposed by Congressional Democrats.
The Democrats developed their budget to attempt to cut back on some of the spending proposed by President Barack Obama's budget, such as removing $250 billion for a new round of bank bailouts.
This new version of the budget also cuts back on spending for nonmilitary programs from the 10% proposed in Obama's budget to 7%, saving roughly $160 billion.
It also removes Obama's middle-class tax cut of $400 for individuals earning $75,000 and $800 for couples with incomes up to $150,000 after 2010.
Further, while Obama's plan set aside $634 billion for health care charges over the next ten years, the budget proposed by Democrats does not provide a set amount for reforming health care.
Over the past weeks, members of Congress have taken a close look at the president's budget and considered our own proposals to strengthen it further, Reid said in his statement Monday.
As usual, Chairman (Kent) Conrad has done an outstanding job. He has brought Democrats and Republicans into the budget process and considered all proposals with equal weight.
A piece of legislation this important to America's future, Reid continued, requires us to move forward in a serious, productive and inclusive manner. Democrats have maintained all year that the best solutions to the challenges we face come when both parties seek and find common ground.
He added that reversing eight years of Republican deficits and fiscal irresponsibility will take time. It won't happen overnight.
We may not know exactly when the recession will end, but I am confident that passing this budget will hasten the day that recovery begins.
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