House Republicans on Tuesday unveiled a far-reaching budget proposal that cuts $5.8 trillion from anticipated spending levels over the next decade and is likely to provide the framework for both the fiscal and political fights of the next two years.This proposal aims not only to limit federal spending and reconfigure major federal health programs, but also to rewrite the tax code, cutting the top tax rate for both individuals and corporations to 25 percent from 35 percent.
The introduction to the proposal said the spending blueprint disavowed what it called the “relentless government spending, borrowing and taxing that are leading America, right at this moment, toward a debt-fueled economic crisis and the demise of America’s exceptional promise.”
Republicans say their proposal would reduce the size of the federal government to 20 percent of the overall economy by 2015 and 15 percent by 2050 while President Obama’s plan introduced this year would not hold the size of government below 23 percent of economic output.
Democrats, however, say the emerging proposal amounts to a conservative ideological manifesto showing that Republicans intend to cut benefits and programs for the nation’s retirees and neediest citizens while protecting corporate America and the wealthiest people from paying their share of taxes. They will be certain to challenge the budget plan and make its bold efforts to reshape the health care programs for older Americans and the poor — a theme of their political argument to regain control of the House and hold the White House in 2012.
1 comment:
Interesting article. I heard that it would cost the government more money if it was to be shut down partially than keeping the fully functional government running. I did see that Republicans wanted to cut some important programs like Medicare which would seriously harm the elderly people, meanwhile giving more tax cuts to the corporations in order to be competitive? There's some irony behind it. I do agree that the government needs to somehow control its spending. I'd like to see these politicians have their salary reduced in an effort to save money at some point.
Again, this is really unfortunate to see how divided these political parties are and the way they behave are destructive to America due to the conflict of their ideologies.
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