Sneak Peak at 'Contract With American Sequel'

Rumors from what House conservatives have nicknamed the "sequel" to the 1994 Contract with America, highlight likely cuts to Medicare and Medicaid and a reorganization process that could save taxpayers $650 billion.

Scheduled to be released Wednesday the plan created by the Republican Study Committee is said to protect military spending, the administration’s tax cuts and doesn’t touch Social Security (the latter a move likely to rankle grass-roots groups who have waiting for Capitol Hill to make traction on social security reform since Bush was inaugurated).

Additional savings can be expected by significant cuts in foreign aid.