Highlights of the $3.5 trillion budget passed by the House on Friday:
• Extension of the Bush tax cuts of 2001 and 2003 for all income levels.
• Reduction in the top income tax rates for individuals and corporations from 35 percent to 25 percent.
• Repeal of health care reform.
• Overhaul of the Medicare system that provides health care for seniors.
• Overhaul of Medicaid. Program would become a block grant to the states rather than a joint state-federal matching program. In addition, cuts would total $771 billion over 10 years.
• Spending cuts of $5.8 trillion over 10 years relative to current levels.
• Projects a federal deficit of $995 billion in the next budget year, which is $169 billion less than President Obama’s budget proposal in February.
• Requests $659 billion for defense and national security, $3 billion more than Obama requested.
• No changes to Social Security.
• Deep cuts in domestic programs such as food stamps and community development.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.