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Mar 25, 2013 02:54 PM IST | Source: Reuters

US Senate narrowly passes first budget in 4 years

The US 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 US 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 USD 1 trillion in new tax revenues by closing some tax breaks for the wealthy.

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