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.
Paul Ryan
And here's the plan which will be announced at a press conference at 10:30.
Fy 14 Budget by