In a year of record budget deficits and tax cuts for the rich, the United States Senate voted late last night to cut programs for - you guessed it - students, the poor, and the elderly. Way to fucking go, you bastards.
Federal program cuts
The spending-cut bills passed by the House on Monday and the Senate on Wednesday would scale back funding for a range of federal programs over the next five years. Savings would amount to about $40 billion. President Bush is expected to sign the bill into law after the House agrees to small changes made by the Senate.
- Program: Student loans
- Total cuts: $22 billion
- Major changes: Charge graduates higher repayment rates; scale back government subsidies for banks and other lenders; reduce government administrative expenses.
- Program: Medicare
- Total cuts: $6 billion
- Major changes: Charge high-income beneficiaries more for their insurance for doctor visits; reduce payments to managed care providers.
- Program: Medicaid
- Total cuts: $5 billion
- Major changes: Tighten rules against sheltering assets for determining Medicaid eligibility; allow states to reduce services and charge higher co-payments, particularly for recipients above the poverty line.
- Program: Pensions
- Total cuts: $4 billion
- Major changes: Raise the fee charged by the government to guarantee private pensions.
- Program: Child support
- Total cuts: $2 billion
- Major changes: Cut federal aid to states for enforcement of child-support payments by parents.
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