House Approves Republican Deficit-Cutting Plan

By: AP
By: AP
Republicans in the House have pushed through a bill that showcases their plans for trimming federal deficits.

US Capitol Dome (AP)

WASHINGTON (AP) -- Republicans have pushed an election-year $3.5 trillion budget through a divided House that showcases their plans for trimming federal deficits and contrasts sharply with how President Barack Obama and Democrats would tackle the nation's fiscal problems.

The GOP package would revamp Medicare, slice everything from food stamps to transportation and reject Obama's call for higher taxes on the rich. It envisions collapsing the six different income tax rates into just two, with a top rate of 25 percent compared with today's 35 percent. It would also eliminate unspecified tax breaks.

The House approved the measure Thursday by a near party-line 228-191 vote.

Obama and Democrats prefer raising taxes on the wealthiest Americans and on oil companies, boosting funds for roads and schools and culling modest savings from domestic programs.

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  • by Nath Location: Colo Spgs on Mar 29, 2012 at 03:24 PM
    $3.5 Trillion is still way too much spending. Did you know the FED is "buying" 61% of our government debt? That's how much of our Treasury bonds that don't sell on the market, so the FED buys them. Would you pay on one credit card bill using another one? Not only have Japan and China cut way back on purchases of our bonds, they have abandoned the U.S. dollar in trade and trade directly in their own currencies now. Austrailia just joined them recently as well... which is as it should be with all countries. Now, if only everyone would go back on the gold standard and derivitives trading would be banned, some common sense would return to the world's fiscal house.
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