On Wednesday, the Senate Budget Committee held a hearing to consider Chairman Kent Conrad’s 2013 budget resolution. The proposal is based on the Bowles-Simpson plan and includes $5.4 trillion in deficit reduction over 10 years. The chairman says it is a plan that “represents the best blueprint from which to build a bipartisan deficit reduction agreement” but also recognizes that the proposal “is not perfect and adjustments will have to be made.”
During the hearing, Budget Committee Ranking Member Jeff Sessions along with Republican budget committee members voiced their disappointment for not being able to have a markup hearing and offer amendments. According to Senator Conrad, there is no date scheduled on which the markup votes would occur and he doesn’t expect an agreement before the November elections.
Budget resolutions establish general revenue and spending goals and make deficit projections. They are congressional proposals and are not binding law.