The House Republicans gave an outline of proposals for an alternative budget plan today. Specifics on how much the budget would cost and what affect it would have on the deficit are due to be released next week. Among the proposals are spending cuts on everything except defense and lowering the top tax rate from 36% to 25%. A tax cut of that magnitude would free up money used by those in a position to hire workers and would likely be a huge shot in the arm to the economy.
Senate Republicans will be introducing a series of amendments to the budget next week in an attempt to cut spending from the budget. House Democrats are able to restrict the number of amendments that can be offered, so House Republicans are opting to present their complete budget alternative when it is finished.
The big question at this point is if the Democrats will be willing to listen to alternatives or if they will continue to press their agendas forward in a unilateral fashion.
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Posted under Economy