FACTBOX: Details of budget passed by U.S. Congress

Wed Apr 29, 2009 7:09pm EDT
 
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(Reuters) - Following are key details about the compromise $3.4 trillion budget blueprint for the 2010 fiscal year that the U.S. Congress approved on Wednesday:

* Projected deficits: $1.2 trillion in 2010; $916 billion in 2011; $620 billion in 2012; $581 billion in 2013; $523 billion in 2014.

* Military budget: $556 billion for defense programs next year plus $130 billion for the U.S.-led wars in Iraq and Afghanistan in 2010.

* Healthcare: Includes language that would enable Congress to fast-track legislation to overhaul the U.S. healthcare system. With so-called reconciliation provisions, the Senate could pass the legislation with a simple majority and avoid any Republican procedural hurdles like a filibuster.

* Taxes: Calls for $764 billion in tax cuts and to make permanent the current 45 percent rate for estate tax, with the first $3.5 million tax-free for individuals and $7 million for couples.

-- Allows the expiration of a tax cut for the wealthy at the end of next year.

-- Rejects a request in President Barack Obama's budget to extend "Making Work Pay" tax credit for middle- and low-income workers beyond 2010 as well as his request for more funds for the $700 billion financial bailout program.

* Banking: Provides for legislation that would increase the borrowing authority for the Federal Deposit Insurance Corp and the National Credit Union Administration.

* Fed: Includes a provision aimed at pushing for greater transparency at the Federal Reserve, including evaluating the appropriate number of Federal Reserve banks and providing new details about emergency lending to address the financial crisis.

(Reporting by Jeremy Pelofsky; Editing by Peter Cooney)

 

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