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.