Senate Republicans want budget balanced in 10 years

Senate Republicans are pressing for plan that would balance the budget in 10 years, an idea opposed by the White House and most congressional Democrats. 

Senate Budget Committee ranking member Jeff Sessions (R-Ala.) and panel member Ron Johnson (R-Wis.) are offering amendments to the Democrats' budget that would cut taxes, reduce the debt and slash spending. 

But Chairwoman Patty Murray (D-Wash.) is opposing the amendment, arguing that an arbitrary deadline will only apply unnecessary pressure to an economy already strained by billions in automatic spending cuts. 

Murray argued that, at this time, it is better to manage the debt path instead of shooting for a balance in 10 years that could create "incredible economic challenges" and shake the economy's slow recovery.

Her stance is in line with President Obama, who said earlier this week that he is not aiming to "chase a balanced budget just for the sake of balance" over the next decade.

"My goal is how do we grow the economy, put people back to work, and if we do that we are going to be bringing in more revenue," he told ABC News on Tuesday. 

The budget plan produced by House Budget Committee Chairman Paul Ryan (R-Wis.) does achieve balance in 10 years. But while his plan repeals most of the healthcare law, it takes into account savings from the program. 

Overall, the Sessions amendment would slow the growth of spending to an average of 3.4 percent a year, cut taxes by $923 billion, lower non-interest spending by $3.86 trillion, reduce interest costs by $546 billion and lower the debt by $3.5 trillion. 

He said that his amendment, which is expected to get a vote on Thursday afternoon, permanently boosts economic growth by reducing gross debt below the 90 percent "danger zone" by 2020.  

"By the time we balance the budget, the gross debt would stand at 80 percent of GDP," the amendment says.

Johnson's amendment would establish a point of order against a budget resolution that does not achieve a budget surplus after 2022.