US passes Republican budget proposal

2012-03-30 12:03

kalahari.com

  • The Amateur
    A gripping read that reveals never before published details about the Obama administration's... Now R321.00
    buy now
Washington - The US House of Representatives approved on Thursday a contentious Republican budget proposal for fiscal year 2013 that would slash trillions in federal spending, revamp Medicare and reduce taxes for wealthy Americans.

The spending plan, unveiled last week by Representative Paul Ryan, is unlikely to become policy, but it frames the Republican Party's position on spending and debt reduction, and puts election-year pressure on Democrats over tax and spending issues.

"We are offering the nation a better way forward," Ryan told House members shortly before the chamber approved the resolution by 228 votes to 191, largely along party lines.

The proposal for fiscal year 2013, which begins on October 1, calls for $5 trillion in spending cuts over 10 years, and would slash the US deficit to $797bn next year, about $180bn less than under President Barack Obama's budget as estimated by the Congressional Budget Office.

It also involves collapsing the six existing US tax brackets to two rates: a 10% bracket and a 25% bracket for individuals, and a 25% bracket for corporations, according to Ryan.

Representative Chris Van Hollen, whose Democratic budget alternative failed in the House minutes before approval of the Ryan plan, slammed the budget as a burden on average Americans.

"We don't think that it's bold to provide tax breaks to millionaires," he said.

"Show us how you make up for $4.6 trillion in lost revenue... without socking it to middle income taxpayers," he added. "We can do better."

Read more on:    barack obama  |  us
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
Traffic & Train Alerts
Traffic
Cape Town 12:55 PM
Road name: Nelson Mandela Boulevard Inbound

FLOODING near the Strand Street exit - approach with caution

Goodwood 12:14 PM
Road name: N7 Vanguard Drive Southbound

SLOW TRAFFIC towards Voortrekker Road

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Save up to 30% off top fragrances

Get mind blowing savings on selected fragrances. Offer valid while stocks last. Shop now!

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

Save up to 50% on Women’s month treats!

Celebrate the awesome women in your life with awesome treats like beauty products, fashion accessories, bestselling books, electronics and more. Offer valid while stocks last. Shop now!

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Today you may want to bond with your children and need to connect to your imaginative and playful side. It may be that you are...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.