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Republicans unveil cuts as Democrats eye tax hike

Posted By MarleighJones On May 12, 2011 @ 8:21 am In Economic Crisis | Comments Disabled

Andy Sullivan
Reuters
May 12, 2011

Republicans planned sharp cuts to foreign aid and education on Wednesday, while Democrats weighed a tax hike on millionaires, highlighting the yawning divide between the two parties in the budget debate.

With a struggle over raising the debt limit expected to last through the summer, Republicans in the House of Representatives forged ahead with a spending plan for the coming fiscal year that points to another bruising struggle in the fall.

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Republicans have pressed for deep spending cuts to get the country’s rapidly rising debt under control. They won the largest domestic spending cut in history last month in a battle that took the government to the brink of a shutdown.

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