http://www.guardian.co.uk/worldlatest/story/0,1280,-3849319,00.htmlGOP Moving '05 Budget Through House Panel
Thursday March 11, 2004 1:01 PM EST
By ALAN FRAM Associated Press Writer
WASHINGTON (AP) - Republicans began pushing a $2.41 trillion budget through the House Budget Committee on Thursday, a package that goes one better than President Bush's goal of cutting deficits in half in five years. <snip>
Like Bush's budget and a similar plan Republicans were pushing through the Senate, much of the House package's deficit cutting would come from assuming that a recovering economy will produce extra revenue.
But Nussle's budget also envisions carving $13 billion in savings over the next five years from benefit programs, such as Medicaid, and farm payments (3.4 billion in five-year cuts from Medicaid and the earned income tax credit despite inflation calling for increases).
It would also keep most domestic programs at the same spending levels as this year, while including $50 billion to pay for the war in Iraq. And it would cut taxes by at least $138 billion over the next five years - like the Senate paring back on the reductions Bush has requested. <snip>