THE PROGRESSIVE REVIEW - March 22, 2012

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*-- White House slams GOP budget plan --*
WASHINGTON - The White House Tuesday slammed a budget plan proposed by U.S. House Republicans, saying it would "end Medicare as we know it."

Press secretary Jay Carney also said the plan shifts money from the middle class and seniors to the wealthy.

In response to reporters' questions, Carney said the plan is "essentially a shift of money from the middle class, seniors and lower-income Americans, disabled Americans, to the wealthiest Americans -- the wealthiest among us -- [with a] $150,000 on average tax cut, additional tax cut, for the wealthiest Americans; a program that would voucherize Medicare and end Medicare as we know it, and create a system in Medicare where seniors are progressively basically priced out of the market."

He added the proposal "is not a plan that this president could support."

Asked whether Obama believes oil companies and hedge fund managers are hurting the economy, Carney said, "The president believes that the tax breaks, the loopholes and subsidies that exist that provide $4 billion in taxpayer money to oil and gas companies, for example, or provide untold millions and billions in tax benefits to some of the wealthiest Americans who take advantage of the carried interest rule -- that those provisions are not helpful to the economy and they are not fair, and that removing them would create benefits for the economy..."

The budget proposed by House Republicans would cut $5.3 trillion in spending in the next decade, by collapsing tax brackets, lawmakers say.

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