Tuesday, April 5, 2011

GOP Plans Entitlement Cuts

House Republicans on Tuesday unveiled an ambitious and politically perilous plan to resize the federal government and stem the $14 trillion national debt by slashing spending on domestic programs and fundamentally overhauling government health programs for the elderly and the poor.

The 2012 budget blueprint would not touch Social Security, the single largest federal program, which provides income support to nearly 60 million seniors, disabled people and others. But with the cost of benefits expected to exceed revenues this year, Republicans say they would enact legislation to force President Obama to propose changes to “restore balance to the fund.” Suggested reforms include adjusting the retirement age to reflect longer life spans and slowing the growth in benefits for higher-income workers.

Read it all here.

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