WH Budget Marches through Congress

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WASHINGTON -- President Barack Obama's latest trip to Capitol Hill appears to have been a success.

Democrats are moving forward with the president's blueprint for spending, but Republicans are offering an alternative.

Click the player to watch the report from CBN News Washington Correspondent Jennifer Wishon followed by Pat Robertson's comments about Democratic Congress' rubberstamping of the budget.

One day after President Obama appeared at the capitol to lobby Democrats for his budget, the Senate Budget Committee is poised to pass a spending outline that mirrors his priorities.

"Reducing our dependence on foreign energy, excellence in education, healthcare reform," said Sen. Kent Conrad D-ND.  "All of those are possible to move forward in the budget."

Spending Plan Passes House

A House panel already passed the spending plan on a party line vote.

"I know the bill will pass as a strong statement of national values," said House Speaker Nancy Pelosi, D-Calif.

Democrats are addressing their concerns over deficit spending.

More Than $1 Trillion in Deficit Spending

Projections show Obama's budget would exceed a trillion dollars in deficit spending over the next few years.

Both the House and Senate versions cut that number down by leaving out a proposed reserve fund for future bailouts of the financial sector.

Other parts may be left out too. Senate leaders say the presidents tax cuts for the middle class must be offset by cuts in other areas.

The devil will be in the details Congress has yet to fill in.

"To get through these difficult times the next year or two, we're going to have to do some things that are justifiable which in the long run would be completely unsustainable an in fact, quite harmful," Sen. Evan Bayh D-IN.

Republicans Have Their Own Plan

Republicans call the spending plan the most fiscally irresponsible budget in American history.

"It spends too much," said Rep. Mike Pence R-IN. "It taxes too much and it borrows too much."

House GOP leaders are introducing their own budget, calling it a road to recovery. They say is more in line with mainstream america.

Meanwhile, another major issue facing lawmakers is a request from the Obama administration for sweeping new powers to take over troubled financial institutions like American International Group, whose collapse could further devastate the economy. It's a necessary step, they say, to prevent future economic meltdowns.

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Jennifer Wishon

Jennifer Wishon

CBN News Washington Correspondent

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