Washington -- In an effort to slash the federal deficit in half by 2007, the Senate Budget Committee last week unveiled a resolution that seeks to cut some $7 billion from defense spending, to shave roughly $16 billion from domestic spending and reduce a slew of current entitlement programs.

The proposal also would allow for an additional $144 billion in tax cuts over the ensuing five years and would grant reconciliation protection to three tax cuts totaling $80.6 billion, set to expire at the end of 2004.

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