House sends budget cut bill to Bush’s desk

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U2Girl1978

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Body approves Congress’s first try in eight years to slow benefit programs

WASHINGTON - The House on Wednesday narrowly approved Congress’ first attempt in eight years to slow the growth of benefit programs like Medicaid and student loan subsidies, sending the measure to President Bush.

The bill passed by a vote of 216-214, largely along party lines. Republicans hailed the five-year, $39 billion budget-cutting bill as an important first step to restoring discipline on spending. Democrats attacked the measure as an assault on college students and Medicaid patients and said powerful Washington lobbyists had too much influence on it.

http://www.msnbc.msn.com/id/11133732/
 
The spending reductions, however, could be overshadowed by up to $70 billion in tax cuts over five years, which Congress hopes to pass in the next month. That would deepen deficits.



us well off middle-aged white men will have our tax cuts - thank you very much
 
I got a kick out the fact that this is named "The Deficit Reduction Act." Hmm, you get us in a stupid fucking war, run up a huge bill, and then make your citizens suffer and try to sugarcoat it by saying it's going to help the deficit? Who in their right mind would vote these assclowns into office? :mad:
 
I'd like to read more about their student loan subsidy cuts in detail. One of the more obscure facts about the student loan consolidation program is that, since 1990, existing law prescribed that private consolidation lenders were always guaranteed a minimum 9% rate of return. As such, since student loan consolidation rates have been about 2.8 to 3.3% over the last few years, private lenders had been raking in the 6.2% difference from tax dollars.

I'd be curious to see if the GOP targeted that, or if they just made some reckless half-assed spending cuts that are dwarfed by our massive military spending and tax cuts for the wealthy.

Melon
 
melon said:
I'd like to read more about their student loan subsidy cuts in detail. One of the more obscure facts about the student loan consolidation program is that, since 1990, existing law prescribed that private consolidation lenders were always guaranteed a minimum 9% rate of return. As such, since student loan consolidation rates have been about 2.8 to 3.3% over the last few years, private lenders had been raking in the 6.2% difference from tax dollars.

I'd be curious to see if the GOP targeted that, or if they just made some reckless half-assed spending cuts that are dwarfed by our massive military spending and tax cuts for the wealthy.

Melon

Melon,

I have to say that I may not agree with all of your points, but your ball of knowledge is pretty friggin impressive. Well done! :up:
 
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