Posted by: chronicler55 | April 1, 2009

House Republicans Unveil their own Budget

The House Republicans, aware that they were being accused as just saying “NO” to Obama’s proposals, threw down the gauntlet today by putting forth their own budget plan.

Republicans… pressed a budget plan that would cut taxes and radically overhaul Medicare, offering a stark alternative to blueprints offered by President Barack Obama and his Democratic allies. The plan, drafted by Wisconsin Rep. Paul Ryan, the top Republican on the Budget Committee

The GOP plan would offer a dramatically simplified tax code in which couples would have the option of a 10 percent rate on the first $100,000 of income, with a 25 percent rate thereafter, with the first $25,000 of income exempt from taxation.

On Medicare, workers under the age of 55 would enroll in private plans and receive premium subsidies equal to the average Medicare benefit when they retire. Benefits would not be changed for people in the program or people 55 or older.

…The deficit for the current budget year is expected in the $1.7 trillion range and the deficit for 2010 seen at between $1.2 trillion to $1.4 trillion, depending on whether additional financial bailout funds are approved. Obama’s budget, … would produce unsustainable deficits that never go below 4 percent of the size of the economy. Yahoo News

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