Republican budget aims to end deficits in 2024 with deep cuts

Reuters News
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Posted: Mar 17, 2015 9:43 AM

WASHINGTON (Reuters) - U.S. House Republicans on Tuesday unveiled a budget that seeks to eliminate deficits by 2024 through deep cuts to social safety net programs, domestic spending and another attempt at repealing "Obamacare" health reforms.

The plan from House Budget Committee Chairman Tom Price proposes $5.468 trillion in spending cuts and interest savings over 10 years compared to current tax and spending policies.

To gain support in a divided Republican caucus, Price's plan nominally adheres to "sequester" spending caps next year. But it seeks to boost U.S. military spending by adding nearly $40 billion to an off-budget account for war operations above the amount requested by President Barack Obama.

(Reporting by David Lawder; Editing by Susan Heavey)