Senate Adopts Fiscal Year 2014 Budget Plan on 50-49 Vote

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The U.S. Senate adopted early March 23 a Democratic budget plan that aims to bring the deficit down enough to stabilize the federal debt through a combination of spending cuts and new revenues. The vote on the fiscal year budget resolution (S. Con. Res. 8) was 50-49, with four Democrats voting against the resolution. They included Sen. Max Baucus (D-Mont.), Sen. Mark Begich (D-Alaska), Sen. Mark Pryor (D-Ark.) and Sen. Kay Hagan (D-N.C.). The vote came after more than 13 hours of rapid-fire consideration of dozens of amendments ranging in subject matter from the western U.S. sage grouse to the chained Consumer Price Index. Because the budget resolution is a concurrent one–an agreement between the House and Senate–the votes will serve as test votes or markers for potential future legislation rather than changes in law.

Request Daily Tax Report