House Democrats unveil budget matching Obama's tax increases, deficit path

Markets Associated Press

House Democrats have unveiled a $3.7 trillion budget plan for next year. It mirrors President Barack Obama's call for $1.8 trillion in tax increases on wealthier people and corporations over the coming decade but would add almost $6 trillion to the national debt over that time.

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The plan by Maryland Democrat Chris Van Hollen rejects deep cuts proposed by Republicans to social safety net programs and would keep the health care law intact.

The plan calls for a wave of new spending for infrastructure like roads and bridges and additional funding for education and medical research. It would make modest curbs on the rapid growth of the popular Medicare program.

The plan has no chance of being adopted during House debate this week.