WASHINGTON (AP) — A bipartisan budget plan to cut the deficit by $4 trillion over 10 years with a mix of new tax revenues and spending cuts across the federal budget is headed for a House vote, but it is likely to be rejected by Republicans against higher hikes and Democrats opposed to curbs on Medicare and Social Security benefits.
The proposal by Reps. Steve LaTourette, R-Ohio, and Jim Cooper, D-Tenn., is modeled after a much-praised plan by the co-chairmen of President Barack Obama's 2010 deficit-reduction commission.
The plan is one of several alternatives to a budget-slashing Republican plan that comes to the House floor Wednesday. Votes are expected Thursday, but the underlying GOP plan is dead on arrival with the Democratic Senate.
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