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Paul Ryan Announces Balanced Budget Plan With Massive Spending Cuts

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Rep. Paul Ryan, the chair of the House Budget Committee, on Tuesday introduced the 2015 House Republican budget, the latest iteration of the Ryan-steered budget that aims to balance the budget within 10 years.

 

Here are the key points:

 

Overall, the budget cuts government spending by $5.1 trillion over the next 10 years.

It calls for the repeal of the Affordable Care Act. His budget does not propose an alternative with which to replace it.

It would turn Medicaid into a "block grant" program for states, which Ryan says will save $732 billion over 10 years. Almost $3 trillion of the proposed $5.1 trillion in savings comes from the repeal of Obamacare and the revamp of Medicaid.

It calls for essentially privatizing Medicare, shifting it from an entitlement program to a voucher-style program. Starting in 2024, new retirees would be given the option to stay on traditional Medicare or transfer to choosing among competing plans. The new system would also gradually increase the retirement age. This is similar to other Ryan-led budgets, and it's the main point on which Democrats have attacked him.

It calls for tax reform, but rejects the discussion plan put forth by Republican Rep. Dave Camp, the chair of the House Ways and Means Committee. Camp's plan has been a source of division within the party.

It proposes to reform the national SNAP program into a block grant program "tailored for each state's low-income population." It also cuts $23 billion in agriculture subsidies.

The budget faces a difficult vote in the House, and it's questionable whether Ryan can earn enough Republican support for the plan to pass. The document is almost solely for political reasons, as the bipartisan budget deal Ryan hatched with Senate Budget Committee Chair Patty Murray has already set discretionary spending levels for 2015.

 

 

"The Bipartisan Budget Act was a good first step. But we can and must do more," Ryan said in a statement. "As the House majority, we have a responsibility to lay out a long-term vision for the country, and this budget shows how we will solve our nation’s biggest challenges."

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  • Guest
    PR Wednesday, 02 April 2014

    I would support the proposal! It is the first long term solution to a "can" that has been kicked so many times that it won't fly very far. The State of Maryland is borrowing $600 million from its State Pension Fund and on top of that they are taking all the revenue from the gasoline tax and pouring it into a high speed rail system in the Washington/Baltimore corridor that benefits 6% of the State. The counties have no funds to maintain the roads and the roads are showing it. The governor increased spending by 4% and is driving businesses out of the State. It will be interesting to see if the people pay attention and see how their delegates voted.

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Guest Wednesday, 11 December 2019