The GOP is calling for strict spending cuts to be put in place before agreeing to an increase in the debt ceiling. Their focus will likely be on decreased spending for defense programs and regulatory agencies as well as farm subsidies, food stamps, federal employee retirement, student loans and housing subsidies. Democrats would also like to see increased tax reforms in addition to decreased government spending.
Wall Street Journal, May 5, 2011
GOP, White House Talk Deal on Debt
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