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US Republican budget targets Medicare, tax reforms

U.S. House Republicans unveiled an ambitious plan on Tuesday to cut and simplify taxes, slash spending and make a fresh run at overhauling the Medicare health program in a bid to draw a stark election-year contrast between their budgetary vision and that of President Barack Obama. While it has little chance of becoming law, Republicans in the House of Representatives are looking for the plan from Congressman Paul Ryan to provide a party-defining lift to their re-election fortunes in November.