Under the current proposal, the deficit would be cut by $4 trillion over 10 years, which is $50 billion more than the House GOP budget. The plan would reduce the deficit to 1.3 percent of gross domestic product, a marked decline from the 9.3 percent of GDP for the current fiscal year.
Conrad’s budget would also ramp down spending to 23 percent of GDP, down from 24 percent currently, and freeze it at 22 percent through the rest of the decade.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.