The U.S. Senate has approved a proposal for a U.S. national budget next year totaling $3.7 trillion which includes nearly $1 trillion in tax increases over the coming decade.
The proposal, sponsored by U.S. President Barack Obama’s Democratic Party, passed by a narrow vote of 50 to 49 early on March 23.
The Democratic budget's $975 billion in new taxes would be matched by an equal amount of spending reductions coming chiefly from health and defense programs.
However, the budget proposal would still have to be approved by the Republican-led House of Representatives to become final.
A rival budget proposal approved by the House of Representatives balances the budget within 10 years without boosting taxes.
Based on reporting by AP and Reuters