Senate Budget Committee Chairman Kent Conrad (D-N.D.) said Wednesday afternoon that Democrats have reached an agreement on a budget plan and plan to unveil it as soon as next week.
“We’ve reached an agreement after weeks of work,” Conrad told The Hill. “I think it’s big.”
“I’m not going to go into any of the details until I have a chance to lay out the whole thing for people but it’s a very significant debt reduction plan,” he said. “It’s actually somewhat bigger than the fiscal commission.”
Conrad’s announcement ends a long, tense wait for the Democratic budget plan that had been tied up by an intra-party dispute between liberals and centrists on the budget panel.
The imminent introduction of a Senate Democratic budget plan shows that the party is unifying in preparation of a showdown with Republicans over the national debt limit.
The National Commission on Fiscal Responsibility and Reform crafted a proposal in December that would slash the deficit by $4.15 trillion from 2012 to 2020.
Conrad declined to reveal any additional details until he has a chance to present the budget plan to the rest of the Senate Democratic conference.
Senate Democratic leaders are debating whether to cancel the Fourth of July recess to focus on debt-limit negotiations.
If the Senate is in session next week, Conrad said he could release it publicly as soon as next week.
The Biden talks came to an end last week when House Majority Leader Eric CantorEric CantorPaul Ryan sells out conservatives with healthcare surrender A path forward on infrastructure Democrats step up calls that Russian hack was act of war MORE (R-Va.) abruptly withdrew from the talks.
Conrad also wanted to give time to the Senate’s Gang of Six to put together a legislative package to implement the recommendations of the National Commission on Fiscal Responsibility and Reform.
Those talks stalled last month when Sen. Tom CoburnTom CoburnDon't be fooled: Carper and Norton don't fight for DC Coburn: Trump's tweets aren't presidential The road ahead for America’s highways MORE (R-Okla.), the conservative leader of the group, pulled out after a dispute over cuts to Medicare.
During this time, Conrad worked on a Senate Democratic budget proposal on a parallel track.
His work was slowed by a disagreement within his committee between Sen. Bernie SandersBernie Sanders'Morning Joe' co-host: We got into Trump's head Petition calls for Melania Trump to move to White House or pay NY security costs In California race, social justice wing of Democrats finally comes of age MORE (D-Vt.), an outspoken liberal, and centrists such as Sen. Bill NelsonBill NelsonSenate committee advances Trump's Labor pick Senators move to bolster cyber resources for small businesses Overnight Finance: WH wants to slash billions | Border wall funding likely on hold | Wells Fargo to pay 0M over unauthorized accounts | Dems debate revamping consumer board MORE (Fla.), who faces a tough race for re-election in Florida next year.
Sanders insisted the budget resolution should call for higher tax revenues to pay for at least 50 percent of the deficit reduction goal. Sanders also pushed for a surtax on millionaires.
The introduction of a Senate Democratic budget will address a persistent criticism from Republicans in recent weeks.
Freshmen Sen. Ron JohnsonRon JohnsonLawmakers share photos of their dogs in honor of National Puppy Day GOP targets Baldwin over Wisconsin VA scandal The Hill's Whip List: 36 GOP no votes on ObamaCare repeal plan MORE (R-Wis.) on Tuesday protested the lack of a Democratic budget plan by objecting to all routine requests to proceed with Senate business.
Sen. Jeff SessionsJeff SessionsSessions, Comey discuss threats with Jewish leaders Pot state Dems want federal regulation of marijuana Seattle sues Trump administration over sanctuary city ban MORE (R-Ala.) has taken to the Senate floor almost daily over the last few weeks to rail about the missing Democratic budget.
“Seven hundred and ninety is the number of days it's been since the Senate has passed a budget,” Senate Republican Policy Committee Chairman John ThuneJohn ThuneSenators move to bolster cyber resources for small businesses Optimism rising for infrastructure deal McConnell: ObamaCare 'status quo' will stay in place moving forward MORE (S.D.) said Tuesday, repeating what has become a Republican mantra.
“[Over] the 790 days since the Senate Democrats have passed a budget, the debt has actually gone up $3.2 trillion. So we have a debt and a spending problem in Washington, D.C., not a revenue problem,” he said.