House and Senate Democrats reached final agreement Monday evening on a five-year budget plan that gives President Barack Obama a clear shot at winning health care reform next fall but scales back his spending and tax cut proposals so as to hit a $523 billion deficit target by 2014.
If successful, that would represent a two-thirds reduction from the nearly $1.7 trillion shortfall projected for this year and would be about $225 billion less than Obama's own projected 2014 deficit of $749 billion, as calculated by the Congressional Budget Office.
But it's still a huge sum by historic standards, and Republicans were unsparing in their criticism, accusing the administration of abusing its power to win health care and adopting "AIG accounting" to hide the worst from voters. - Politico Story
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