Highlights of Democratic budget plan

[Ron Burgundy]

AP - Highlights of the nonbinding Democratic budget blueprint for the 2009 budget year starting Oct. 1.

Spending — Calls for $3.1 trillion in total government outlays, including $1.1 trillion for defense and domestic programs funded through appropriations bills, and $70 billion for the wars in Iraq and Afghanistan. Benefit programs such as Medicare and Social Security, as well as interest payments on the nearly $10 trillion national debt, account for most of the rest.

Taxes — Endorses a one-year "patch" of the alternative minimum tax so more than 20 million taxpayers don't get hit with tax increases averaging $2,000 a year. Calls for renewing several tax cuts expiring at the end of 2010, including the $1,000 per child tax credit, marriage penalty relief, estate tax cuts and the 10 percent tax bracket. Tax cuts on income tax rates, capital gains and dividend income would expire.

Deficits — Projects deficits of $394 billion in 2008, $340 billion in 2009, $210 billion in 2010 and $73 billion in 2011, and surpluses of $22 billion in 2012 and $10 billion in 2013.

Debt — Permits an increase in the national debt of about $800 billion to $10.6 trillion.

source: http://news.yahoo.com/s/ap/20080605/ap_on_go_co/congress_budget_glance [link]