U.S. Senate Narrowly Passes First Budget In Four Years

by
Reuters
The U.S. Senate on Saturday narrowly passed its first federal budget in four years, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.

US Capitol

The U.S. Senate on Saturday narrowly passed its first federal budget in four years, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.

The Senate budget plan passed on a 50-49 vote in the Democratic-controlled chamber. Four Democratic senators facing re-election in 2014 joined all Senate Republicans in opposing the measure, which seeks to raise nearly $1 trillion in new tax revenues by closing some tax breaks for the wealthy.