Monday, May 7, 2012
House lawmakers will return to a familiar debate over the deficit when they come back to Washington on Monday following a weeklong recess.
Republican leaders are planning to bring up a $260 billion measure to slash the budget gap and replace across-the-board spending cuts set to take effect in 2013.
The bill, known as a “reconciliation” proposal, is the product of six House committees and will be combined into one piece of legislation by the House Budget Committee. Democrats have already panned it as an extension of the House GOP proposal that “reflects the wrong priorities” by protecting tax cuts for the wealthy and cutting programs for the poor.
Principally, the GOP measure would replace $78 billion in sequestered cuts resulting from the failure of the congressional “supercommittee” to strike a bipartisan deficit deal last fall. Both Republican leaders and the Pentagon have warned against what they say are arbitrary cuts to defense spending.