The scheme for spending cuts put forward by Republicans was slammed by the Obama administration officials.
What Barack Obama did not like about the plan was reducing budget expenditure at the expense of the middle class alone, without tax hikes. He said the plan is merely aimed at balancing the federal budget.
According to Republicans, $41 trillion would be just enough to spend. Year by year, this sum is supposed to rise by nothing more than 3.4%. Meanwhile, the current budget provides for about 46$ spending with a 5% annual increase.
