House Panels Turn Budget Axe to Automatic Cuts

Republicans in six House of Representatives committees next week will dust off their past proposals for reducing the deficit as they try to replace some of the automatic spending cuts set to take place in January.

Under a directive in the House-passed budget plan from Congressman Paul Ryan, the panels have just two weeks to come up with $18.45 billion in savings for fiscal 2013 and a net $261 billion over 10 years.

Expected targets for cuts include food stamps, farm subsidies and crop insurance, federal employee pensions and health care. A repeal of President Barack Obama's health reform law would prevent new coverage expenses from occurring from 2014.

Read the full story:

http://hcp.lv/J6wT2d

Source: Reuters