GOP Pushes Budget With Tax Cuts, $500B Deficit

Alternative budget overhauls Medicare but repeals Obama spending

By the Associated Press

Posted Apr 1, 2009 11:25 AM CDT

(AP) – House Republicans are pushing an alternative budget plan that would cut income tax rates and radically overhaul Medicare, the AP reports. The plan unveiled today by Paul Ryan of Wisconsin also freezes overall spending on domestic programs and repeals most of the spending in President Obama's recently passed economic stimulus bill. Despite the reductions, the plan projects permanent deficits exceeding $500 billion into the future, fueled largely by big tax cuts.

The GOP plan would offer couples the option of a 10% rate on the first $100,000 of income, with a 25% rate thereafter. On Medicare, workers under 55 would receive premium subsidies equal to the average Medicare benefit when they retire.

House Budget Committee ranking Republican Paul Ryan, right, asks a question during a hearing earlier this month on Capitol Hill. (AP Photo/Manuel Balce Ceneta)

Rep. Paul Ryan, ranking Republican on the House Budget Committee, right, accompanied by Rep. Mike Pence, left, gestures during today's news conference. (AP Photo/Evan Vucci)

The GOP budget plan nixes President Obama's proposed spending and racks up $500 billion in tax cuts instead. (AP Photo/Chris Harris, Pool)

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GOP Pushes Budget With Tax Cuts, $500B Deficit

Alternative budget overhauls Medicare but repeals Obama spending

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GOP Targets Critics With Own Economic Plans

Budget proposals seek to douse 'Party of No' label

House Expects to Clear Payroll Tax Cut Today

Though it's possible dissenting members could delay things

House Won't Pass 2-Month Payroll Tax Cut: Boehner

Will instead call for quick talks on one-year extension

Congress' Productivity Plunges

Hill approving fewer bills, fewer laws being signed

Obama Pushes Payroll Tax Cut Amid GOP Split

President puts pressure on Congress to act

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GOP Pushes Budget With Tax Cuts, $500B Deficit

Alternative budget overhauls Medicare but repeals Obama spending

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OTHER STORIES ON OUR RADAR

Congress • Medicare • budget • tax cuts • House Republicans • President Obama

MOST POPULAR STORIES

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More Newser Stories

GOP Targets Critics With Own Economic Plans

Budget proposals seek to douse 'Party of No' label

House Expects to Clear Payroll Tax Cut Today

Though it's possible dissenting members could delay things

House Won't Pass 2-Month Payroll Tax Cut: Boehner

Will instead call for quick talks on one-year extension

Congress' Productivity Plunges

Hill approving fewer bills, fewer laws being signed

Obama Pushes Payroll Tax Cut Amid GOP Split

President puts pressure on Congress to act

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Newser By Users

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