House Republicans’ Budget Would Cut $6 Trillion Over Decade

U.S. House Republicans today unveiled a plan to overhaul the federal budget and slash the deficit in coming years by about three-quarters, with a $6 trillion cut in spending and 25 percent cap on tax rates.

The Republicans’ first comprehensive budget plan since the November elections would cut the deficit next year to $995 billion from about $1.4 trillion now, though it wouldn’t balance the government’s books until 2040.