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"It's your money. You paid for it." —George W. Bush, LaCrosse, Wis., Oct. 18, 2000
President to propose new $2.7 T federal budget today
By Richard Wolf, USA TODAY
WASHINGTON — President Bush today will propose a 2007 federal budget of more than $2.7 trillion, even while calling for savings in Medicare and other domestic programs, according to congressional and administration officials with knowledge of the spending plan.
The budget is an increase over the $2.57 trillion spending plan Bush proposed last year. Much of the increase will go to defense, homeland security and benefit programs that grow faster than the economy. The officials who gave details of the budget asked not to be named because the plan wasn't scheduled to be released until today.
Bush's plan assumes a budget deficit of about $423 billion this year. Much of that is because of the costs of the wars in Iraq and Afghanistan and hurricane recovery efforts on the Gulf Coast.
The proposed budget calls for:
• Saving $65 billion in government benefit programs over five years, including $36 billion from Medicare. Much of the Medicare savings would come from cutting reimbursement rates to hospitals, nursing homes and home health agencies.
• Reducing the amount of money spent on domestic programs subject to annual congressional review, not including defense and homeland security. The defense budget would grow by nearly 5%.
• Eliminating or making major cuts in 141 small programs, for $14.5 billion in savings.
"This is a very tight budget," said Sen. Judd Gregg, R-N.H. "It emphasizes fiscal discipline."
Sen. Kent Conrad, D-N.D., disagreed. "Republicans have adopted a position under this president that deficits don't matter," he said.
President to propose new $2.7 T federal budget today
By Richard Wolf, USA TODAY
WASHINGTON — President Bush today will propose a 2007 federal budget of more than $2.7 trillion, even while calling for savings in Medicare and other domestic programs, according to congressional and administration officials with knowledge of the spending plan.
The budget is an increase over the $2.57 trillion spending plan Bush proposed last year. Much of the increase will go to defense, homeland security and benefit programs that grow faster than the economy. The officials who gave details of the budget asked not to be named because the plan wasn't scheduled to be released until today.
Bush's plan assumes a budget deficit of about $423 billion this year. Much of that is because of the costs of the wars in Iraq and Afghanistan and hurricane recovery efforts on the Gulf Coast.
The proposed budget calls for:
• Saving $65 billion in government benefit programs over five years, including $36 billion from Medicare. Much of the Medicare savings would come from cutting reimbursement rates to hospitals, nursing homes and home health agencies.
• Reducing the amount of money spent on domestic programs subject to annual congressional review, not including defense and homeland security. The defense budget would grow by nearly 5%.
• Eliminating or making major cuts in 141 small programs, for $14.5 billion in savings.
"This is a very tight budget," said Sen. Judd Gregg, R-N.H. "It emphasizes fiscal discipline."
Sen. Kent Conrad, D-N.D., disagreed. "Republicans have adopted a position under this president that deficits don't matter," he said.
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