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U.S. House approves GOP budget plan

  |   March 29, 2012 at 6:10 PM
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WASHINGTON, March 29 (UPI) -- The U.S. House voted Thursday to approve a Republican budget proposal that would cut spending, reduce taxes and overhaul Medicare and Medicaid.

The plan, proposed by Rep. Paul Ryan, R-Wis., was approved by a 228-191 vote. Ten Republicans joined all Democrats in opposing the budget.

The plan is unlikely to become law, given the opposition it will face from Senate Democrats and President Barack Obama, The Wall Street Journal said. However, the plan will likely frame the issue for the upcoming election, the newspaper said.

"Today's budget is a vote of confidence in the American experiment: We think that putting our trust in the American people will renew their trust in us. We think Americans should control their destinies -- and we trust them to make the right choice about the future of our country," Ryan said Thursday on the floor of the House. "We are offering the nation a choice. We are offering the nation a better way forward. And we are offering the nation a plan to renew America and the American Idea."

The White House issued a statement after the vote accusing Republicans of favoring the wealthy over the middle class.

"House Republicans today banded together to shower millionaires and billionaires with a massive tax cut paid for by ending Medicare as we know it and making extremely deep cuts to critical programs needed to create jobs and strengthen the middle class," the statement said. "The Ryan Republican budget would give every millionaire an average tax cut of at least $150,000, while preserving taxpayer giveaways to oil companies and breaks for Wall Street hedge fund managers."

The Obama administration said the Republican establishment is "grasping onto the same failed economic policies that stacked the deck against the middle class and created the worst financial crisis in decades."

"Any serious attempt at tackling our deficits must be balanced, fair and demand shared responsibility," the White House said. "The Ryan Republican budget clearly fails that test."

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