After two days of debate, the Republican-led House of Representatives passed Rep. Paul Ryan’s, R-Wisc., budget plan.
The vote fell mostly along party lines, 228-191, with no Democrats voting for the bill and 10 Republicans opposing it. The budget would cut domestic spending to levels not seen since the World War II era, reform the tax code, and change the way Medicare is implemented.
More specifically, Ryan’s budget would consolidate the six tax brackets that currently exist to two — 10% and 25% — and reduce the corporate tax rate to 25%. It would also fully repeal President Barack Obama’s health care bill and overhaul Medicare. Under the Republicans’ plan, Medicare would become a program that subsidizes senior citizens’ health care premiums, allowing to either buy traditional Medicare insurance or private health insurance. Read