Paul Ryan unleashes austere budget plan

3a28mf Paul Ryan unleashes austere budget plan

3a28mf Paul Ryan unleashes austere budget plan

Rep. Paul Ryan, R-Wis., Chairman of the House Budget Committee, released the framework for House Republicans’ budget plan in an op-ed for the Wall Street Journal on Tuesday, outlining how he would slow spending, repeal Obamacare, and make cuts to Medicare and Medicaid.From the op-ed:Under our proposal, the government spends no more than it collects in revenue—or 19.1% of gross domestic product each year. As a result, we’ll spend $4.6 trillion less over the next decade. Our opponents will shout austerity, but let’s put this in perspective. On the current path, we’ll spend $46 trillion over the next 10 years. Under our proposal, we’ll spend $41 trillion. On the current path, spending will increase by 5% each year. Under our proposal, it will increase by 3.4%. Because the U.S. economy will grow faster than spending, the budget will balance by 2023, and debt held by the public will drop to just over half the size of the economy.Continue Reading…

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Paul Ryan unleashes austere budget plan


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