United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

House passes $6T spending cut plan

Apr 15, 2011 2:59:00 PM - thestate.com
The House has passed a Republican budget blueprint proposing to fundamentally overhaul Medicare for future beneficiaries while combating out-of-control budget deficits. It would impose sharp spending cuts on social safety net programs like food stamps and Medicaid.

The GOP proposal passed 235-193, with every Democrat voting "no." The nonbinding plan lays out a fiscal vision cutting $6.2 trillion over 10 years from the budget submitted by President Barack Obama.

It calls for transforming Medicare from a program in which the government directly pays medical bills into a voucher-like system that subsidizes purchases of private insurance plans. People 55 and over would remain in the current system, but younger workers would receive subsidies that would steadily lose value over time.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

A bold but politically risky plan to cut trillions of dollars from the federal budget steamed toward a party-line House vote Friday, as insurgent Republicans rallied behind the idea of fundamentally reshaping the government's role in health care for the elderly and the poor.

USA, South Carolina: (Latest Stories)