TEXAS AUSTIN (AP) There is no denying the president’s record on the economy has been weak.
The median household income is $52,000.
The unemployment rate is 10.6 percent.
And there are still many people who cannot find jobs.
But if Republicans control the House, Senate and the White House for the next six years, they would have a lot more to show for it.
“This is a great economy that has been struggling to get to where it needs to be for decades,” House Speaker J. Dennis Hastert, R-Ill., said Tuesday.
“I think it’s a lot of people who haven’t had much of a chance to get out of poverty.”
What do they have to show?
A booming stock market and the best jobs market in generations.
The economy has recovered from the Great Recession, and unemployment has fallen from nearly 20 percent in January 2008 to less than 3 percent now.
The stock market has gained more than 7 percent a year and the jobs market is forecast to increase 1.7 percent in 2016.
Republicans have blamed Obama for a “sadly slow recovery” in the housing market, which has recovered but is still too expensive to buy a home.
In the past two years, home prices have risen in most of the major cities, but they have been slowing in the desert areas.
And the median income has declined for the first time since 2000, while the unemployment rate has risen.
The president has said he has tried to boost the economy with policies such as tax cuts and a new trade pact.
The Congressional Budget Office projects that the president will have an average annual economic boost of $5 trillion.
But that is a drop in the bucket compared with what Obama and congressional Republicans have achieved through his stimulus plan and tax cuts.
The tax plan, which includes tax cuts for families and individuals, has created more than 20 million jobs and reduced the federal deficit to 2.6% of gross domestic product.
But House Republicans are trying to get more for their tax cuts by raising the tax on investment income, which is expected to raise $6.5 trillion over 10 years.
Republicans want to raise a new $4,000 tax credit for people who save more than $10,000 per year.
The plan would also boost a refundable tax credit to families with incomes above $250,000 for new families earning $250 million and couples earning $500 million.
But the tax credits would not apply to people making more than that amount and could only be used to help the wealthiest Americans pay their taxes.
Republicans are also proposing to reduce the number of tax brackets to five, from seven.
But many Democrats oppose that and want to eliminate the lower tax brackets entirely.
The budget proposal calls for $5.5tn in deficit reduction over 10 year periods, but it does not account for future increases in federal debt and the $1.6tn cost of the tax cuts that will take effect in 2018.
Democrats want to use the money to pay down the national debt, reduce the deficit and create millions of jobs.
The House Republican budget includes $3.2tn in cuts to federal programs, including Medicaid, Medicare and Social Security.
And it includes a $300 billion cut to federal welfare programs for the poor.
What do Democrats say?
Democrats have repeatedly warned that their tax increases are too high, even though they have a plan that would raise taxes on the wealthy and cut the deficit.
The GOP plan would raise rates by an average of 3.4 percent, with an average income tax cut of 3 percentage points.
And Republicans say they will also offer $1,000 child tax credit cuts and $1 million for parents of dependent children, which are currently tax breaks for families earning more than one million dollars a year.
Republicans say the tax changes are needed to bring back jobs and spur the economy.
And House Democrats say they want to spend more money on education, job training and other programs that would help the middle class.
Democrats are pushing for a package of $1 trillion in spending cuts that includes a variety of spending that will be offset by tax cuts, which would cost the Treasury an average $1tn.
The proposal includes spending cuts for food stamps and the Earned Income Tax Credit, which the White, House and congressional Democrats have sought.
House Democrats also want to cut $1bn from the Supplemental Nutrition Assistance Program (SNAP), which provides food stamps to low-income households.
Republicans also want a $1 billion increase in defense spending, which Democrats say would be offset with $700 billion in cuts.
House Republicans also propose spending $1 trillion to help finance the Affordable Care Act, including $200 billion for the Medicaid expansion, $200 million to help low- and moderate-income families purchase insurance through the exchanges and $100 million for a new tax credit.
The White House has said it wants to use about $400 billion of the $900 billion the GOP proposal would bring in to help