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June 20, 2018 05:37 AM

House Budget Committee Republicans Trying To Tackle Deficit Spending

Republicans on the House Budget Committee are laying out a blueprint to end deficit spending within nine years. 

But as Washington correspondent Drew Petrimoulx reports its prospects of passage are slim leading to renewed warnings about a looming financial crisis.

At $21 trillion and climbing -- experts say the national debt will eventually impact average Americans. 

"Over time high debt is going to mean lower wages and income, higher interest rates on everything from your mortgage to your credit card," Committee for a responsible Federal Budget member Marc Goldwin said. 

That's why Arkansas Congressman Steve Womack and other Republicans on the House Budget Committee say they want votes on their plan to end deficit spending by 2027.  

"There is nothing that weighs more heavily on me than our fiscal situation," Rep. Jodey Arrington, R-Texas, said.  

The plan calls for $300 billion in cuts to programs like medicaid, medicare and social security. 

"The time is now for Congress to step up and confront the biggest challenge facing our society," Budget Committee Chairman Rep. Steve Womack said.  

It's the issue that Womack and many of his Republican colleagues got elected to fix. But the budget plan faces long odds despite GOP majorities in Congress and a Republican in The White House.

"What does it say about the current state of the Republican party that a year and a half into controlling government there's been no progress made on this issue?" 

"Oh, um gah-lee. I think it says a lot about the system, there's all kind of political headwinds, oh its a political year and there are people that are vulnerable facing tough reelects. but that's not gonna change in any year," Womack said. 

And that's why Womack -- as the new chair of the house budget committee -- says he's pushing forward even though the winds of Washington may blow against him. 

The budget committee is set to take up the proposal later this week. 

Womack says he hopes to get the bill out of committee and then push house leadership to quickly bring the proposal to the house floor. 

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