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US House Passes Budget to Cut Spending $5 Trillion Over Next Decade

© REUTERS / Jonathan ErnstMembers of the House of Representatives depart the House floor to an outdoor exit after a failed afternoon vote on a measure to fund the Department of Homeland Security at the Capitol in Washington
Members of the House of Representatives depart the House floor to an outdoor exit after a failed afternoon vote on a measure to fund the Department of Homeland Security at the Capitol in Washington - Sputnik International
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The US House of Representatives approved a joint House-Senate deal on Thursday evening that will balance the US budget by cutting up to $5 trillion in spending over the next ten years.

WASHINGTON (Sputnik) — The 2016 budget deal increases US defense spending and makes significant cuts to the social safety net including Medicare, Medicaid, food stamps and other social programs that support the poor and the elderly.

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The final vote was 226-197, with fourteen House Republicans joining every House Democrat in opposing the legislation. The Republican budget must still be approved by US President Barack Obama before going into effect.

“We are set to adopt the first balanced budget of this kind in over a decade," House Budget Chairman Tom Price told the press on Thursday.

Price continued that “the American people can't live on borrowed money. The federal government ought not to do so either."

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