So the fiscal cliff battle is over, and House Republicans look ready to approve a debt-ceiling increase through March. But taxes aren't out of the spotlight: Now, the stage is set for a tussle over Senate Democrats' budget blueprint, which Dems like Charles Schumer are calling "a great opportunity" to push for new tax revenue, the Washington Post reports. "There’s going to have to be some spending cuts, and those will be negotiated," he says. "But doing a budget is the best way for us to get revenues."
It will be the first time in almost four years that the Senate has carried out its budget-building requirement. Filibusters aren't allowed on budget bills, meaning the Democrats don't need Republican senators to back their plan. Both parties are also aiming to draft deficit-cutting, or reconciliation, bills, with Senate Democrats' version focusing on revenues via reduced tax breaks for corporations and the rich. In their version, House Republicans hope to cut federal health spending and reform the tax code, including tax rate cuts. "We’ll have tax reform," Schumer says, "but it’s going to include revenue." (Read more Senate stories.)