A Bipartisan Budget Proposal

A Bipartisan Budget Proposal

The U.S. House of Representatives will soon vote on a budget proposal created by two congressmen representing both sides of the isle.  The proposal comes from Representative Steve LaTourette (R-OH) and Jim Cooper (D-TN) and is said to be modeled after a plan drafted by the co-chairman of President Obama’s 2010 deficit-reduction commission.  The plan aims to cut the deficit by 4 trillion dollars over the next ten years.

Although the proposal is sure to fail in front of a stingy congress, the proposal is seen to be one that shares core concepts discussed by Obama and House Speaker John Boehner (R-OH).  Budget experts agree this plan mixes both new revenues and spending cuts to tackle the U.S. deficit problem but no matter its function, it still requires both Republican and Democratic approval.

“No one has any belief that this is going to pass, but I think it’s important to sort of set that marker out there to say, `There are some of us who are willing to sit down and work something like this out in a bipartisan manner,’ which I think we need to do,” — Representative Daniel Lipinski (D-IL).

“Unfortunately, the proposal fails to confront the key driver of the debt: the explosive growth of government spending on health care,” — House Budget Committee Chairman Paul Ryan (R-WI).

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