Republicans: Break Debt Deal – Cut Child Tax Credits, Unemployment Instead
The proposal — which is an outgrowth of the budget the House GOP overwhelmingly voted for late March — would cut some $261 billion from health care programs, food stamps, unemployment benefits and child tax credits, among others. It constitutes a violation of the GOP’s end of the debt-limit deal, which included painful sacrifices for both parties if the Congress failed to reach a bipartisan deficit-reduction agreement.
The measure would override the $78 billion in defense cuts set take effect January 2013 as a backstop in last August’s debt limit law. Additional cuts are in place for the following nine years. President Obama and Democrats aren’t happy with the so-called “sequestration” cuts either, but they insist they won’t roll them back unless Republicans agree to a balanced deal that combines spending cuts with new revenues taken from wealthy Americans, the latter of which Republicans have blocked for years.
The measure reflects a GOP effort to go to bat for the defense industry in an election year