United States · Amendment · HAMDT

HAMDT 75 (111th)

An amendment in the nature of a substitute numbered 4 printed in House Report 111-73 which seeks to spend $4.8 trillion less than the President's budget over 10 years; sets spending levels which are 20.7% of GDP; freezes non-defense/non- veterans spending; borrows $3.6 trillion less than the President's budget over 10 years; seeks to hold debt to 65% of GDP; and puts forward a long-term budget to bring debt under control. The substitute also seeks to permanently extend 2001 and 2003 tax relief; permanently fix the Alternative Minimum Tax; create 2.1 million more jobs than the Democrats' budget; suspend capital gains taxes through 2010; and reduce the corporate tax rate to 25% from the current 35%. The amendment also seeks to provide $5 billion over the President's budget for Defense; $540 million over the President's budget for Veterans; to save $50 billion annually for war or unmet defense needs; and provide for health and retirement security by reforming programs to ensure they provide benefits for future beneficiaries.

Defence · Budget