Mar. 10, 2005 – House and Senate Republicans yesterday introduced budget plans for the next fiscal year, proposing billions of dollars of cuts in government programs - along with billions more in tax cuts.
The House proposal would require the Ways and Means Committee to cut $18.7 billion through 2010; the committee is responsible for the earned-income tax credit, Medicare, child care and unemployment insurance. The Education and Workforce Committee would have to cut entitlement programs, including student loan and pension programs, by over $21 billion. The Energy and Commerce Committee would be required to trim $20 billion, mostly from Medicaid, federal power authorities, and environmental cleanups.
The Senate version calls for $15 billion worth of cuts to the Finance Committee, which oversees Medicare and Medicaid. In addition, the Health, Education, Labor and Pensions Committee would have to cut $8.6 billion from its budget.
Meanwhile, the House proposal includes $106 billion in tax cuts; the Senate version includes $70.2 billion.