House Passes GOP 'Path to Prosperity' Plan

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House Republicans passed their $3.5 trillion budget Thursday, calling for deep cuts in federal spending, overhauls to Medicare and tax rate cuts.

The "Path to Prosperity" plan, presented by Rep. Paul Ryan, R-Wis., was approved with a near party-line vote of 228-191.

"What we're saying is, clean up the past and have a flatter, simpler, more competitive tax system," Ryan said. "And you have to remember that eight out of 10 businesses in America, they file their taxes as individuals."

"The president saying he wants their top rate to go as high as 44.8 percent in January, you can't compete like that," he added.

On Wednesday, the House rejected a proposal that relied on higher taxes and spending cuts to reduce the deficit. They also unanimously turned down President Barack Obama's budget plan.

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