Highlights of the Republican budget passed by the House on Thursday:
—Envisions discretionary and mandatory spending of about $40 trillion over the next decade, $7 trillion less than spending projected in President Barack Obama’s budget proposal. It cuts taxes by $2 trillion from what Obama proposed over that period, and cuts spending by $5.3 trillion from what the president sought.
—Would bring the annual federal deficit, now more than $1 trillion, down to about $287 billion in 2022. The president’s budget sees the deficit falling to about $704 billion in 2022.
—Sets the ceiling for discretionary spending next year at $1.028 trillion. That’s $19 billion under the ceiling set in the budget deal Congress reached with the White House last year.
—Extends the 2001 and 2003 Bush tax cuts. It repeals the alternative minimum tax and reduces tax brackets from the current six to two, at 10 percent and 25 percent. The top corporate tax rate is set at 25 percent. The measure calls for ending tax loopholes but does not specify which ones.
Read More at OfficialWire. By the Associated Press.