House Approves Republican Deficit-cutting Plan | Fox News: WASHINGTON – 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.
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