How competing budget proposals line up - WFLA News Channel 8

How competing budget proposals line up

Posted: Updated:
WASHINGTON, DC (WFLA) -

House Republicans and Senate Democrats are rolling out their budget proposals this week as the two political parties lay down markers for what is expected to be a prolonged fight over taxes and spending. President Barack Obama has not yet released his budget proposal, but the White House says he is likely to offer one in early April.

Legislation passed by Congress over the past two years will reduce deficits by roughly $2.4 trillion over the next decade - two-thirds from spending cuts and one-third from more taxes. All the plans, however, would replace recently enacted across-the-board spending cuts known as the sequester with cuts that are more targeted.

 

House Republican plan:

- Cuts spending by $4.6 trillion over the next decade, balancing the budget by 2023 with no tax increases.

- Entitlements: Replaces traditional Medicare for people now under 55 with a government subsidy to buy health insurance on the open market, and calls on both the president and Congress to address Social Security without offering specifics. The plan would repeal Obamacare but preserve more than $700 billion in the health care law's cuts to Medicare providers over a decade.

- Taxes: Calls for an overhaul of the tax code but does not increase revenue, except through economic growth. The plan incorporates more than $600 billion in tax increase enacted in January.

 

Senate Democratic plan:

- Reduces government borrowing by $1.85 trillion over the next decade with roughly equal amounts of spending cuts and tax increases; does not produce a balanced budget.

- Entitlements: Includes $275 billion in cuts to Medicare providers over the next decade but does not cut benefits.

- Taxes: Calls for an overhaul of the tax code that generates $975 billion in additional revenue over the next decade by "closing loopholes" in the tax code that benefit wealthy Americans and big corporations.

 

Simpson-Bowles plan

- Erskine Bowles and Alan Simpson, who co-chaired Obama's deficit committee in 2010, updated their deficit reduction plan in February, calling for $2.4 trillion in deficit reduction over the next decade. About three-fourths of the savings would come from spending cuts and the rest - about $600 billion - would come from tax increases.

- Entitlements: Reduces payments to Medicare and Medicaid providers, increases premiums for high earners, and adjusts benefits "to account for population aging," which means raising the Medicare eligibility age, now 65. The proposal would also reduce annual cost-of-living adjustments, or COLAs, for Social Security by adopting a new measure of inflation.

- Taxes: Calls for an overhaul of the tax code that generates additional revenue by reducing or eliminating tax breaks. Some of the money raised by reducing tax breaks would be used to lower overall income tax rates, and some would be used for deficit reduction.

  • 8 On Your SideMore>>

  • Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Thursday, July 31 2014 6:10 PM EDT2014-07-31 22:10:55 GMT
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
  • Tampa Bay Water begins filling Bill Young reservoir

    Tampa Bay Water begins filling Bill Young reservoir

    Thursday, July 31 2014 5:45 PM EDT2014-07-31 21:45:52 GMT
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
  • 8 on your side helps stranded Riverview driver get a new car

    8 on your side helps stranded Riverview driver get a new car

    Thursday, July 31 2014 4:10 PM EDT2014-07-31 20:10:54 GMT
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
  • NewsMore>>

  • Closing US 301 for repairs create headaches

    Closing US 301 for repairs create headaches

    Friday, August 1 2014 12:16 AM EDT2014-08-01 04:16:16 GMT
    It’s been a headache for many who travel U.S. Highway 301 in Riverview after the roadway was shut down. But FDOT expects the roadway to be back open about midnight Thursday.After a nearby construction crew damaged a 24-inch water line in the area, water poured out and created a hole, damaging the asphalt on U.S. 301.“It’s still every penny counts, I would say $30 to $50 possibly,” is how much the road closure cost Bee...
    It’s been a headache for many who travel U.S. Highway 301 in Riverview after the roadway was shut down. But FDOT expects the roadway to be back open about midnight Thursday.After a nearby construction crew damaged a 24-inch water line in the area, water poured out and created a hole, damaging the asphalt on U.S. 301.“It’s still every penny counts, I would say $30 to $50 possibly,” is how much the road closure cost Bee...
  • New "Fire challenge" video spurs warnings

    New "Fire challenge" video spurs warnings

    Thursday, July 31 2014 10:43 PM EDT2014-08-01 02:43:41 GMT
    Videos of a dangerous stunt are spreading all across social media. You can see examples on sites like Youtube and Facebook. It's called "The Fire Challenge" and involves young people dousing themselves with rubbing alcohol and lighting it up on their bodies. Burn victim and now, Tampa General Hospital volunteer, Joe Versaggi, knows all about the horrors of fire. He's undergone 30 surgeries after a fiery plane crash 8...
    Videos of a dangerous stunt are spreading all across social media. You can see examples on sites like Youtube and Facebook. It's called "The Fire Challenge" and involves young people dousing themselves with rubbing alcohol and lighting it up on their bodies. Burn victim and now, Tampa General Hospital volunteer, Joe Versaggi, knows all about the horrors of fire. He's undergone 30 surgeries after a fiery plane crash 8...
  • Haines City police officer resigns after Facebook posts

    Haines City police officer resigns after Facebook posts

    Thursday, July 31 2014 9:43 PM EDT2014-08-01 01:43:17 GMT
    A Haines City police officer under an internal investigation has resigned. Amelia Inoa, an officer with Haines City since 2012, submitted her resignation Wednesday night. The resignation came a few hours after News Channel 8 aired a story exposing some of Inoa's posts on her personal Facebook page. The posts ranged from jokes about calls on which she was dispatched to racial jabs.On Thursday, police Captain Brian McNu...
    A Haines City police officer under an internal investigation has resigned. Amelia Inoa, an officer with Haines City since 2012, submitted her resignation Wednesday night. The resignation came a few hours after News Channel 8 aired a story exposing some of Inoa's posts on her personal Facebook page. The posts ranged from jokes about calls on which she was dispatched to racial jabs.On Thursday, police Captain Brian McNu...
Powered by WorldNow

200 South Parker Street, Tampa, FL 33606

Telephone: 813.228.8888
Fax: 813.225.2770
Email: news@wfla.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.