House Passes $3.5T Ryan Budget Plan

Law360, New York (March 29, 2012, 7:16 PM EDT) -- The U.S. House of Representatives on Thursday approved a $3.53 trillion budget blueprint that would, among other things, slash Medicare costs by creating a private voucher program, significantly change the tax code, encourage oil and gas development, and eliminate environmental regulations.

The vote was 228 to 191, mostly along party lines. Ten Republicans voted against the budget resolution. No Democrats voted for it. It is highly unlikely the resolution would pass the Democratic-controlled Senate.

A centerpiece of the bill, created by House Budget Chairman Paul Ryan,...
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