It's budget week in America, and for the first time in four years, both houses of Congress will respect the law and produce a blueprint for the coming fiscal year. The release of the president's budget, which was due by statute on February 4, has been delayed for a second time until April 8. Senate Democrats will finally unveil their plan on Wednesday, with a single day mark-up planned for Thursday. Sen. Jeff Sessions, the ranking Republican on his chamber's budget committee, says he fears Harry Reid and Patty Murray's caucus will introduce a budget that raises taxes by...
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The problem with this or any multi-year budget is that the present Congress cannot bind any future Congress to a decision made today. Ryan's budget (which is a step in the right direction) will only bind the Congress for this 2013 budget and the 2014 budget. The Congress that is sworn in Jan 2014 will be under no obligation to follow this budget deal. Which is why it is so important to get a balanced budget NOW not 10 years down the road.
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