Posted: Apr 15, 2011 1:36 PM
Source: Associated Press
WASHINGTON - The House has passed a Republican budget blueprint proposing to fundamentally overhaul Medicare for future beneficiaries while combating out-of-control budget deficits.
It would impose sharp spending cuts on social safety net programs like food stamps and Medicaid.
The GOP proposal passed 235-193, with every Democrat voting "no."
The nonbinding plan lays out a fiscal vision cutting $6.2 trillion over 10 years from the budget submitted by President Barack Obama.
It calls for transforming Medicare from a program in which the government directly pays medical bills into a voucher-like system that subsidizes purchases of private insurance plans.
People 55 and over would remain in the current system, but younger workers would receive subsidies that would steadily lose value over time.