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Originally published April 15, 2011 at 12:30 PM | Page modified April 15, 2011 at 12:36 PM

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A look at the $3.5 trillion House-passed budget

Highlights of the $3.5 trillion budget passed by the House on Friday. The Republican plan crafted by House Budget Committee Chairman Paul Ryan, R-Wis., is a framework for changes to spending or tax policy in subsequent legislation for the fiscal year beginning Oct. 1. Senate Majority Leader Harry Reid, D-Nev., said it would never pass the Senate.

The Associated Press

WASHINGTON —

Highlights of the $3.5 trillion budget passed by the House on Friday. The Republican plan crafted by House Budget Committee Chairman Paul Ryan, R-Wis., is a framework for changes to spending or tax policy in subsequent legislation for the fiscal year beginning Oct. 1. Senate Majority Leader Harry Reid, D-Nev., said it would never pass the Senate.

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-Extension of the Bush tax cuts of 2001 and 2003 for all income levels. Reduction in the top income tax rates for individuals and corporations from 35 percent to 25 percent. In exchange, numerous tax breaks and loopholes would be scrapped.

-Repeal of President Barack Obama's health care law.

-Overhaul of the Medicare system that provides health care for seniors. Individuals now 54 and younger would get a voucher-style federal payment to purchase coverage from private plans instead of the government making payments to health care providers for services to Medicare beneficiaries.

-Overhaul of Medicaid, the health care system for the poor. Program would become a block grant to the states rather than a joint state-federal matching program. In addition, cuts would total $771 billion over 10 years.

-Spending cuts of $5.8 trillion over 10 years relative to current levels.

-Projects a federal deficit of $995 billion in the next budget year, which is $169 billion less than the projected deficit under Obama's budget proposal in February.

-Some $659 billion for defense and national security, $3 billion more than Obama requested.

-No changes to Social Security.

-Deep cuts in domestic programs such as food stamps and community development.

-Dismantling of programs established in response to the 2008 financial crisis and the bailout.

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