On March 20, 2012, House Budget Committee Chairman Paul Ryan, R-Wis., released the GOP budget proposal for fiscal year 2013. The GOP budget, called "The Path to Prosperity. A Blueprint for American Renewal," is in response and contrast to the spending and tax proposals outlined in President Obama's budget in February. Ryan said his budget would promote job creation and end tax breaks that mainly benefit the politically well-connected.
The House GOP budget proposal would reform the tax code and eliminate special interest loopholes, lower tax rates and extend the Bush-era tax cuts. The GOP budget calls for a consolidation of the tax code into just two income tax brackets of 10% and 25%, and would lower the corporate tax rate to 25% and shift international taxation to a territorial tax system.
Democratic response to the GOP proposal was swift. The White House said the Ryan plan lacks credibility and House Minority Leader Steny H. Hoyer, D-Md., said the Ryan budget would cut federal spending deeper than lawmakers agreed to in the Budget Control Act of 2011. Hoyer predicted that Democrats will not support the Ryan plan.
The last time Congress passed a budget was 1,057 days ago, way back in 2009.
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