 Image uploaded from a quicklink (Image by Unknown Owner) Details DMCA | House Republican leaders endorsed a far-reaching plan Monday to rein in the national debt that would raise $800 billion in new tax revenue, slice $600 billion from federal health programs and apply a stingier measure of inflation to Social Security benefits. While both frameworks would reduce borrowing by more than $4 trillion over the next decade, Obama's proposal would raise $1.6 trillion in fresh revenue -- double the amount in the GOP plan -- and produce only about $350 billion in savings from Medicaid and Medicare, the biggest drivers of future borrowing. Republicans were outraged by the president's proposal, calling it a step backward on the path to compromise. On Monday, Boehner referred to it as the president's "la-la land offer." |
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At www.washingtonpost.com
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