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WASHINGTON, March 24, 2004 - The U.S. Senate has recently passed a $2.36 trillion budget for fiscal year 2005 that would halve the deficit in three years.
The Senate passed the budget 51-45 on March 12 after four days of debate and 25 roll call votes.
According to Senator John Ensign from Nevada, a Department of Energy request to raise funding for the Yucca Mountain nuclear waste storage project did not make it out of the Senate Budget Committee.
The DOE sought to increase funding for Yucca Mountain from $577 million to $880 million, Ensign said.
"My colleagues have come to understand that when it comes to Yucca Mountain my position is not negotiable, and I will not waiver," Ensign said.
The budget also rejects tax increases on families and invests billions in defense and homeland security.
According to a press release from the Republicans in the budget committee, the budget would reduce the deficit from $477 billion in FY 2004, which represents 4.2 percent of gross domestic product (GDP), to approximately $225 billion in FY 2007, which represents 1.7 percent of GDP. This compares to a post-World War II high of 6 percent.
The Budget invests in the critical issues of defense and homeland security, increasing spending 7 percent and 15 percent, respectively, fully funding the President's requests in both those areas.
More information: http://www.senate.gov/~budget/
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