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Congress, led by Cong. Jim Nussle (R-IA) and Sen. Judd Gregg (R-NH), passed (by votes of 214–11 in the House and 52–47 in the Senate) a compromise FY2006 budget blueprint that requires $35 billion over five years in entitlement savings (including $10 billion from Medicaid); provides a $843 billion cap on FY2006 appropriations (a 1% cut in domestic spending); requires employers who offer defined benefit pension plans to pay $7 billion in additional insurance fees to the Pension Benefit Guarantee Corporation (PBGC); includes a $70 billion tax cut over five years (plus another $36 billion unprotected by reconciliation); and protects oil drilling in Alaska’s Arctic National Wildlife Refuge (ANWR) from a Senate filibuster.
No House or Senate Democrats voted for the GOP budget. Under Congressional budget rules, specific tax and spending cuts authorized by the budget resolution will be brought to the floors of both chambers this fall and cannot be filibustered in the Senate.
View the summary of the Conference Agreement on The Concurrent Resolution on the Budget for fiscal year 2006.
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