House nears vote on conservative budget to erase red ink, cut trillions from benefit programs

Economic Indicators Associated Press

Normally quarrelsome House Republicans are lining up to pass a boldly conservative budget that relies on nearly $5 trillion in spending cuts to eliminate deficits over the next decade. It also calls for repealing the health care law and envisions major transformations in both the tax code and Medicare.

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Much of the savings would come from Medicaid, food stamps and welfare, programs that aid the low-income.

Republicans said their plan would help the economy and hard-pressed Americans, while Democrats said it was based on fuzzy math and wrong-headed policies.

A final vote was expected in early evening.

The Republican-controlled Senate is likely to approve its own version of a budget by week's end.