Highlights Of House GOP Budget Cuts
Highlights of House GOP legislation cutting spending by more than $300 billion over the coming decade.
Food Stamps — Cuts $35.8 billion by eliminating benefit increases in President Barack Obama’s economic stimulus and tightening eligibility requirements. Cuts spending by 4 percent over coming decade.
Health Care — Cuts the president’s overhaul law in several ways, saving $66 billion. Cuts include requiring those receiving health insurance subsidies to repay excess subsidies when their income increases, eliminating grants to states to set up health insurance exchanges and repealing a fund for prevention efforts like cancer screenings and immunizations.
Financial Regulation — Repeals several elements of the 2010 Dodd-Frank law to save $30 billion, including $22.5 billion saved by repealing federal liquidation authority of “too big to fail” banks and other financial institutions, financed by assessments on other large institutions. Also eliminates funding for a new consumer protection bureau and a new mortgage assistance program aimed at helping people modify their home loans.
Federal Employee Pensions — Cuts deficits by $83 billion over 10 years, requiring federal workers to contribute more toward their pensions in increments phased in over five years. Workers hired after 1983 would contribute an additional 5 percent for a total contribution of 5.8 percent. Workers in the pre-1983 system — who are ineligible for Social Security — would also pay an additional 5 percent for a total contribution of 12 percent.