BRAND NEW: Here's Paul Ryan's Plan To Balance The Budget Within 10 Years

Paul Ryan is back!

He says he can grow the economy and get to a balanced budget within 10 years.

The basic idea?

• Tax reform. Eliminating loopholes. Reducing the top rate significantly. He wants to get to just two tax brackets.
• Cutting discretionary spending. He proposes a hard cap on spending relative to GDP. He wants more spending block granted to states.
• He favors killing Obamacare, although as Phillip Klein notes, he assumes Obamacare's Medicare savings stay.
• Establishing his voucher-based alternative to Medicare.

He says the plan -- which still remains somewhat vague -- even in the over 90 page document below would secure $4.6 trillion in deficit reductions over the next 10 years.

Here's the trajectory of spending under his plan.

And here's the plan which will be announced at a press conference at 10:30.

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