Washington, D.C. Congressional Democrats sealed an agreement Monday night on a budget plan that would help President Barack Obama overhaul the health care system but allows his signature tax cut for most workers to expire after next year.
Most important, the congressional budget plan would prevent Senate Republicans from delaying or blocking Obama’s plan to vastly expand government-subsidized health care when it advances this fall.
The $3.5 trillion plan for the budget year starting Oct. 1 embraces several of Obama’s key goals besides health care reform, including funds for domestic programs and clean energy, and a tax increase for individuals making more than $200,000 a year or couples making more than $250,000.
But the plan would allow Obama’s signature $400 tax cut for most workers and $800 for couples to expire next year. Even after squeezing the defense and war budgets to levels that are probably unrealistic, the plan would cause a deficit of $523 billion in five years.