President Barack Obama on Monday proposed a $4.1 trillion spending plan for fiscal year 2017. The spending proposal stayed within the confines of an agreement reached between the White House and Congress last year that lifted mandatory “sequestration” cuts on both defense and domestic spending.
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Battle lines are drawn in Washington over federal spending and taxes, with President Obama laying out a starkly different approach than the one proposed by House Budget Committee Chairman Paul Ryan (R-WI), which Obama said would “change the basic social compact” in the United States. The House voted 235-193 to approve the Ryan plan today.
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