We finally get a peak at where all these spending cuts are coming from. Take a deep breath, this is going to hurt…
From TaxLawHome.com:
Under a new spending plan released this week by congressional Republicans, U.S. scientific research, high-speed rail and the IRS would all face steep budget cuts in the coming year.
In addition, more than 60 federal programs, including birth control funding, public broadcasting and the Americorps volunteer program would be eliminated entirely from federal funding.
The proposal is part of an overarching spending decrease that would cut the domestic budget by 15 percent and eliminate more than $30 billion from the fiscal deficit, Reuters reports. While it is unlikely the plan would pass through the democratically controlled Senate, Congress will need to finalize its spending initiatives by March 4, when current funding expires.
As a result, the proposals are likely to be big topics of debate in the coming month, the news source says. The IRS, which has been facing increased responsibility since the passage of President Obama's healthcare overhaul bill, is likely to be a major point of contention as it would also have its budget drastically reduced.
The agency's funding has increased in recent years, as many experts say a greater tax collection effort is a key aspect of cutting the federal deficit.