Ryan budget slashes spending by $5.7T to reach 10-year balance

by
March 13, 2013

Paul Ryan
House Budget Committee Chairman Paul Ryan (R-Wis.) unveiled a new budget Tuesday that would cut spending by $5.7 trillion, reduce the top tax rate to 25 percent and balance the budget within 10 years.

The plan would make profound changes to government, bringing spending down from 22.2 percent of the economy to 19.1 percent by 2023. It doubles down on many of the proposals Ryan advanced as his party’s vice presidential candidate in 2012.

It includes virtually the same Medicare plan that Ryan put forward last year, giving seniors the option of purchasing private insurance on an exchange and receiving “premium support” payments.

People age 54 and younger would see changes starting when they retire in 2024. Ryan had floated applying the changes to those 55 and younger but faced resistance from his caucus.

The Ryan budget once again would make no changes to Social Security but would require the president and Congress to come up with plans to ensure the retirement system remains solvent. Last year’s budget only made that requirement of the president.

In forceful prose, Ryan’s budget calls for Washington to act quickly to address what he describes as a looming national bankruptcy.

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep the Fake News Media in check.

Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.