Democrats Agree on $2.9 Trillion Budget « Thread Started on May 16, 2007, 11:07pm » --------------------------------------------------------------------------------Democrats Agree on $2.9 Trillion Budget Wednesday May 16, 2007 5:16 PM By ANDREW TAYLOR read at source> http://www.guardian.co.uk/worldlatest/s ... Associated Press Writer WASHINGTON (AP) - Congressional Democrats Wednesday announced agreement on a $2.9 trillion budget blueprint for 2008, promising a budget surplus in five years but only by allowing some of President Bush's tax cuts to expire. The nonbinding plan, to be officially released later Wednesday, caps weeks of private negotiations and paves the way for action this summer on annual spending bills totaling $1.1 trillion for the coming fiscal year. The Democratic budget promises a $41 billion surplus in 2012, but does so by assuming taxes on income, dividends and stock sales go up in 2011 instead of being extended as called for by Republicans and Bush. Republicans credit the tax cuts, passed in 2001 and 2003, with reviving the economy, but most Democrats say they are tilted in favor of wealthier taxpayers.