GOP to Unveil Budget Plan Cutting More Than $6T Over Next Decade - FoxNews.com
I know all of my liberal friends will jump all over this, where is your plan? Where is the leadership? Where are you addressing the entitlements and the SPENDING problem you created? Drop the Bush tax cut argument, its done and gone, we need real change and this is a great start to the discussion. For you people that don't want to click the link, here is the text:
The budget proposal from the Republican chairman of the House Budget Committee will offer more than $6 trillion in cuts over the next decade, Fox News has confirmed.
Rep. Paul Ryan???s proposal, set to be unveiled Tuesday, will serve as the Republican???s official response to President Obama???s proposed $3.7 trillion budget for 2012. The White House claims its plan would cut deficits by $1.1 trillion over a decade.
But Ryan, R-Wis., in an interview with "Fox News Sunday," accused Obama of "punting" and said Republicans' plan would exceed the fiscal goals set by the president's fiscal commission -- which issued a report calling for $4 trillion in cuts. That report never made it out of committee.
"We can't keep kicking this can down the road," Ryan said. "The president has punted. We're not going to follow suit."
According to an op-ed written by the congressman for The Wall Street Journal on Tuesday, Ryan says the "Path to Prosperity" plan will brings federal spending to below 20 percent of gross domestic product, less than Obama's 23 percent and consistent with the postwar average.
He added that a study released by the conservative Heritage Center for Data Analysis projects his plan will create nearly 1 million new private-sector jobs next year and 2.5 million, reduce the unemployment rate to 4 percent by 2015 and add 2.5 million more private-sector jobs in the last year of the decade.
"It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage's analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year," Ryan wrote.
The plan, which Ryan outlines in a video made available on YouTube, also proposes welfare reforms in the way of Medicaid block grants, a consolidation of job training programs and changes to food-stamp distribution.
It also calls for reforms to the nation's "outdated tax code, consolidating brackets, lowering tax rates, and assuming top individual and corporate rates of 25 percent," Ryan wrote. "It maintains a revenue-neutral approach by clearing out a burdensome tangle of deductions and loopholes that distort economic activity and leave some corporations paying no income taxes at all."
Among some of the likely more controversial plans are efforts to end the conservatorship of mortgage giants, an elimination of Wall Street bailout authority and a rollback of "expensive handouts for uncompetitive sources of energy."
The GOP proposal coincides with the ongoing debate over the remainder of the fiscal 2011 budget. Both parties are trying to hammer out a half-year budget before the deadline for a partial government shutdown Friday. Obama has invited Speaker of the House John Boehner to the White House Tuesday for a meeting with Vice President Joe Biden, Senate Majority Leader Harry Reid and top negotiators on the appropriation committees in the hope of fostering a solution for the rest of the year.
As for the GOP proposal for 2012, Ryan knows that it is ambitious and expects Democrats to attack the plan, including to revisions to Medicare's entitlement system. Social Security will largely remain untouched.
"We don't have a tax problem," Ryan said on Sunday. "We have got to stop spending [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]money[/FONT][/FONT][/COLOR][/COLOR] we don't have."
For Medicare, he said the GOP proposal will be modeled after the "premium support" system outlined in an earlier proposal co-authored by him and former White House Budget Director Alice Rivlin. Such a proposal would provide a fixed amount of government assistance toward premiums in the [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]health [/FONT][COLOR=blue ! important][FONT=inherit ! important]plan[/FONT][/COLOR][/FONT][/COLOR][/COLOR] of seniors' choosing. The Ryan-Rivlin plan would call for seniors to pay more for smaller expenses but put a cap on what they could pay out-of-pocket. Ryan, on "Fox News Sunday," did not discuss these details but said the plan would provide less money to wealthy beneficiaries, and stressed that the changes would not affect those 55 and older.
"The biggest driver of our debt is Medicare," Ryan said, adding that the overall goal of the budget changes are to bring down the debt, something he notes Obama's plan does not do.
Democrats were quick to pounce on Ryan's budget preview, accusing him of sparing oil and gas subsidies at the [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]expense[/FONT][/FONT][/COLOR][/COLOR] of seniors.
"Paul Ryan made clear that the Republican budget will protect Big Oil companies subsidies over seniors health care," Jesse Ferguson, spokesman for the Democratic Congressional Campaign Committee, said in a statement. "It's already becoming clear who will be the priority in the House Republican budget -- special interests, not middle class families."
But Ryan said the changes to [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]Medicare [/FONT][COLOR=blue ! important][FONT=inherit ! important]and [/FONT][/COLOR][COLOR=blue ! important][FONT=inherit ! important]Medicaid[/FONT][/COLOR][/FONT][/COLOR][/COLOR] would not reduce spending on those programs. Rather, he said, they would slow their rate of growth from an otherwise "unsustainable" trajectory.
I know all of my liberal friends will jump all over this, where is your plan? Where is the leadership? Where are you addressing the entitlements and the SPENDING problem you created? Drop the Bush tax cut argument, its done and gone, we need real change and this is a great start to the discussion. For you people that don't want to click the link, here is the text:
The budget proposal from the Republican chairman of the House Budget Committee will offer more than $6 trillion in cuts over the next decade, Fox News has confirmed.
Rep. Paul Ryan???s proposal, set to be unveiled Tuesday, will serve as the Republican???s official response to President Obama???s proposed $3.7 trillion budget for 2012. The White House claims its plan would cut deficits by $1.1 trillion over a decade.
But Ryan, R-Wis., in an interview with "Fox News Sunday," accused Obama of "punting" and said Republicans' plan would exceed the fiscal goals set by the president's fiscal commission -- which issued a report calling for $4 trillion in cuts. That report never made it out of committee.
"We can't keep kicking this can down the road," Ryan said. "The president has punted. We're not going to follow suit."
According to an op-ed written by the congressman for The Wall Street Journal on Tuesday, Ryan says the "Path to Prosperity" plan will brings federal spending to below 20 percent of gross domestic product, less than Obama's 23 percent and consistent with the postwar average.
He added that a study released by the conservative Heritage Center for Data Analysis projects his plan will create nearly 1 million new private-sector jobs next year and 2.5 million, reduce the unemployment rate to 4 percent by 2015 and add 2.5 million more private-sector jobs in the last year of the decade.
"It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage's analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year," Ryan wrote.
The plan, which Ryan outlines in a video made available on YouTube, also proposes welfare reforms in the way of Medicaid block grants, a consolidation of job training programs and changes to food-stamp distribution.
It also calls for reforms to the nation's "outdated tax code, consolidating brackets, lowering tax rates, and assuming top individual and corporate rates of 25 percent," Ryan wrote. "It maintains a revenue-neutral approach by clearing out a burdensome tangle of deductions and loopholes that distort economic activity and leave some corporations paying no income taxes at all."
Among some of the likely more controversial plans are efforts to end the conservatorship of mortgage giants, an elimination of Wall Street bailout authority and a rollback of "expensive handouts for uncompetitive sources of energy."
The GOP proposal coincides with the ongoing debate over the remainder of the fiscal 2011 budget. Both parties are trying to hammer out a half-year budget before the deadline for a partial government shutdown Friday. Obama has invited Speaker of the House John Boehner to the White House Tuesday for a meeting with Vice President Joe Biden, Senate Majority Leader Harry Reid and top negotiators on the appropriation committees in the hope of fostering a solution for the rest of the year.
As for the GOP proposal for 2012, Ryan knows that it is ambitious and expects Democrats to attack the plan, including to revisions to Medicare's entitlement system. Social Security will largely remain untouched.
"We don't have a tax problem," Ryan said on Sunday. "We have got to stop spending [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]money[/FONT][/FONT][/COLOR][/COLOR] we don't have."
For Medicare, he said the GOP proposal will be modeled after the "premium support" system outlined in an earlier proposal co-authored by him and former White House Budget Director Alice Rivlin. Such a proposal would provide a fixed amount of government assistance toward premiums in the [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]health [/FONT][COLOR=blue ! important][FONT=inherit ! important]plan[/FONT][/COLOR][/FONT][/COLOR][/COLOR] of seniors' choosing. The Ryan-Rivlin plan would call for seniors to pay more for smaller expenses but put a cap on what they could pay out-of-pocket. Ryan, on "Fox News Sunday," did not discuss these details but said the plan would provide less money to wealthy beneficiaries, and stressed that the changes would not affect those 55 and older.
"The biggest driver of our debt is Medicare," Ryan said, adding that the overall goal of the budget changes are to bring down the debt, something he notes Obama's plan does not do.
Democrats were quick to pounce on Ryan's budget preview, accusing him of sparing oil and gas subsidies at the [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]expense[/FONT][/FONT][/COLOR][/COLOR] of seniors.
"Paul Ryan made clear that the Republican budget will protect Big Oil companies subsidies over seniors health care," Jesse Ferguson, spokesman for the Democratic Congressional Campaign Committee, said in a statement. "It's already becoming clear who will be the priority in the House Republican budget -- special interests, not middle class families."
But Ryan said the changes to [COLOR=blue ! important][FONT=inherit ! important][COLOR=blue ! important][FONT=inherit ! important]Medicare [/FONT][COLOR=blue ! important][FONT=inherit ! important]and [/FONT][/COLOR][COLOR=blue ! important][FONT=inherit ! important]Medicaid[/FONT][/COLOR][/FONT][/COLOR][/COLOR] would not reduce spending on those programs. Rather, he said, they would slow their rate of growth from an otherwise "unsustainable" trajectory.
