The Government's Spending Plan To Reduce The Budget Deficit On May 25th,1995, the Senate passed a spending plan intended to eliminate the budget deficit by the year 2002 by decreasing government spending while cutting taxes. The Senate's plan is less extreme than the plan passed by the House a week earlier, and both chambers hope to agree upon a compromise plan before the July 4 recess. This may prove a more difficult feat than it appears. While the two plans are similar in substance, they differ widely in the size of the tax cuts proposed. The House plan would cut taxes by $353 billion, while the Senate plan calls for a tax cut of $170 billion contingent upon the passage of spending reductions. Both plans exempt Social Security from cuts, increase military spending, and cut funding for Medicare, Medicaid, and student loan programs. ....

Number Of Pages: 10

Number Of Words: 2558

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