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Noting fashioning a budget bill during an election year is challenging, House Speaker Nancy Pelosi, D-Calif., said, "This year we have a budget that is in balance in terms of our values, is in balance in terms of the track that it puts us on."

The budget projects a $340 billion deficit in fiscal year 2009. which would be reduced until fiscal year 2012 before showing a $22 billion surplus in fiscal year 2013.

"This budget is fiscally responsible", Pelosi said. "(It) reduces the deficit and returns the nation's budget to balance in 2012. It is fully compliant with pay-as-you-go budget rules."

Among other things, the resolution would provide $3.7 billion for veterans' healthcare and services, $7.7 billion for renewable energy, energy efficiency, and other energy initiatives, $5.1 billion for energy assistance for seniors and families and nearly $2 billion to spur innovation and basic science investments under the America COMPETES program.

The Senate passed the resolution Wednesday.

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