![]() ![]() ![]() And then show us how it’s going to get 218 votes on your side of the aisle.”īiden’s deficit reduction goal is significantly higher than the $2 trillion that he had promised in his State of the Union address last month. “Enough with the dodging, enough with the excuses,” Schumer said. ![]() Senate Majority Leader Chuck Schumer, D-N.Y., expressed skepticism that McCarthy has any coherent plan that House Republicans can coalesce around. He has said his plan’s release was pushed back because Biden’s proposal was only now coming out. But by refusing to raise taxes or cut Social Security and Medicare spending, GOP lawmakers face some harsh math that makes it hard to reduce deficits without risking a voter backlash before a presidential election. government on a path toward a balanced budget. The plan also projects saving $24 billion over 10 years by removing a tax subsidy for cryptocurrency transactions. The budget would seek to close the “carried interest” loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate, and prevent billionaires from being able to set aside large amounts of their holdings in tax-favored retirement accounts. But federal spending would be equal to roughly one-quarter of economic output as the spending on Social Security and Medicare climbs, essentially keeping the government the same size as it is currently. At a time of increased tensions with Russia and China, the budget shows a decline in military spending as a share of the U.S. ![]()
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