U.S. Budget Has Tax Breaks for Poor, Spending Cuts, NYT Says
Jan. 3 (Bloomberg) -- The Bush administration's budget for fiscal year 2005 will curb growth in domestic spending and rely on an improved economy to reduce the size of the deficit, the New York Times said, citing administration officials.
President Bush's budget, which will be sent to Congress by Feb. 2, will include several tax cut proposals, including new measures to promote individual savings and tax credits to help uninsured people buy health insurance, the newspaper reported.
The president's budget plan for the fiscal year starting Oct. 1 also includes measures to control the rising costs of housing vouchers for the poor, require veterans to may more for some medications and eliminate some job training programs, the Times said.
The New York Times said that the Congressional Budget Office and the White House budget office have projected a record deficit of more than $450 billion this year. Joshua B. Bolten, director of the White House Office of Management and Budget, told the Times that economic growth and slowdowns in spending will cut the deficit in half within five years.
(NYT 1-03) |
