Senate GOP to offer budget plan while House GOP seeks to boost military, cut social programs

Economic IndicatorsAssociated Press

Senate Republicans are putting down a marker with their budget blueprint, one day after the House GOP unveiled a 10-year plan that boosts the military, makes deep cuts in social programs and targets President Barack Obama's laws on health care and financial reforms.

Slated for release Wednesday afternoon, the GOP senators' companion measure contains greater cost cuts to Medicare — $431 billion over the coming decade — but doesn't call for the dramatic transformation of the program for future beneficiaries that House Republicans are pushing.

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The House plan reprises deep cuts to social programs such as Medicaid, food stamps and student loans as well as a controversial plan that would transform Medicare into a voucher-like program for seniors joining in 2024 or later.