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Highlights Of White House, GOP Budget Plans

Obama 2011: Apply less generous inflation measures to both Social Security and tax brackets, but boost benefits for the oldest Social Security beneficiaries with low incomes.

___

NEW SPENDING

Obama: $200 billion in new economic "stimulus" initiatives, including payroll tax cuts, continued write-offs of business equipment purchases, extended unemployment benefits, help for borrowers "under water" on their mortgages, and new spending on infrastructure.

House GOP: No proposal.

Obama 2011: $43 billion to extend unemployment benefits to the long-term jobless.

___

DEBT LIMIT

Obama: Permit the president to obtain increases in the government's borrowing cap, currently set at $16.4 trillion, without approval by Congress.

House GOP: Retain longstanding requirement that debt limit increases be enacted by Congress.

Obama 2011: Immediate unspecified increase in the debt limit and additional increase not subject to congressional approval.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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