–House Budget Committee Chair Says Cuts Are ‘Downpayment’
–Rep. Ryan: ‘We Must Chart A New Course’
–Rep. Ryan: ‘Business As Usual In Washington Is Not Acceptable’

By John Shaw

WASHINGTON (MNI) – House Budget Committee Chairman Paul Ryan said
Thursday that Republicans will try to cut $74 billion from the rest of
the 2011 fiscal year discretionary budget below the level recommended by
President Barack Obama.

Ryan said in a statement that the $74 billion spending cut is just
the beginning, vowing that Republicans “will continue to build upon this
downpayment.”

“We must chart a new course,” Ryan said. “Business as usual in
Washington is not acceptable.”

Ryan said $58 billion of this sum will come from non-security
discretionary spending.

Ryan will officially submit this proposal next week when the House
returns to Washington. House Republicans pledged to cut $100 billion
from the FY11 budget during the 2010 campaign, but party leaders said
that a cut of this size is impossible to achieve given that the FY11
fiscal year is one-third over.

House Republicans will try to achieve these savings as Congress
completes work on the FY11 budget.

The House GOP plan is likely to differ significantly from the ideas
of the Democratic majority in the Senate.

The government is operating under a stop-gap FY11 spending bill
that runs until March 4.

President Obama will introduce his FY12 budget on Feb. 14.

** Market News International Washington Bureau: (202) 371-2121 **

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