Led by former Republican vice presidential nominee and Congressman Paul Ryan, the House GOP unveiled its 2014 budget proposal this week
Dubbed 'Path to Prosperity' the spending plan cuts $6.4 trillion from the deficit over the next ten years, slashes corporate taxes by 10 percent and simplifies the tax code by turning seven individual tax brackets into two.
Conservatives also highlight provisions such as authorizing construction of the Keystone XL pipeline, an overhaul of Medicare for retirees and another attempt to fully repeal President Obama's health care law.
But liberal critics are slamming the budget for various reasons, including the fact that it cuts domestic services but not defense.
From The Washington Post:
He cuts deep into spending on health care for the poor and some combination of education, infrastructure, research, public-safety, and low-income programs. The Affordable Care Act’s Medicare cuts, but the military is spared, as is Social Security.
There’s a vague individual tax reform plan that leaves only two tax brackets — 10 percent and 25 percent — and will require either huge, deficit-busting tax cuts or increasing taxes on poor and middle-class households, as well as a vague corporate tax reform plan that lowers the rate from 35 percent to 25 percent.
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Ryan’s budget is intended to do nothing less than fundamentally transform the relationship between Americans and their government.
Democratic Congressman Yarmuth is more blunt. He says the proposal is cruel and only plays to extreme elements in the GOP.
"It’s one that was repudiated by Mitt Romney last year during the presidential campaign and is one that’s become a liability for Republicans who embraced it. So I’m really hard pressed to understand why Congressman Ryan would double down on what was obviously something that was rejected decisively during the 2012 election," he says.
