House Budget Committee Chairman Paul D. Ryan, R-Wis., released his fiscal 2013 budget today, seeking to establish a sharp contrast with President Obama and Democrats and to provide a unified GOP vision for federal tax and spending policy.
Ryan’s plan would cut spending by more than $5 trillion over ten years compared to Obama’s request, while raising $2 trillion less in revenue. Ryan is claiming $1.6 trillion in savings from repealing future spending that was authorized in the 2010 health care law, $808 billion of which he says would come from repealing subsidies for the individual health insurance market.
The budget, which will be marked up later this week, closely resembles the “Path to Prosperity” blueprint that Ryan offered a year ago in the midst of the debt limit debate. It still proposes to turn Medicaid into a block grant and to transition Medicare into a premium support program, though in this year’s version, seniors would still have the option of traditional fee-for-service Medicare.
Read more at CQ.com: House GOP Budget Would Cut Spending, Protect Defense From Sequester
About the Data
The source for the numbers in the table is the House Budget Committte’s report on its budget resolution, called “The Path to Prosperity.” Last year’s budget resolution report bore the same name and much of the same content, and can be downloaded here for comparison.
The Congressional Budget Office, at Ryan’s request, produced a report today on the long-term budgetary impact of the plan. It is important to note, however, that the amounts of revenue and spending used by CBO to project long-term effects were taken straight from Ryan and his staff; CBO did not attempt in this report to independently verify those numbers based on the language of the resolution itself.