Republicans Seek Spending Cuts to Slow Economy, Schumer Says

Charles Schumer, the Senate’s No. 3 Democratic leader, accused Republicans of seeking to slow the U.S. economy for political gain in the debate over cutting budget deficits. He insisted Democrats have the “upper hand” in the negotiations.

Raising the rhetorical stakes while party leaders are far apart over a plan to cut the deficit and increase the U.S. debt limit, Schumer said Republican leaders are seeking deep spending cuts as part of an effort to slow U.S. growth and hurt President Barack Obama’s chances of winning re-election next year.