Budget Committee Chairman Rep. Paul Ryan (R-WI) along with GOP Budget Committee members unveiled their fiscal year 2013 budget plan Tuesday. The proposal includes deficit cuts totaling $3.3 trillion dollars.
Chairman Ryan outlined a blueprint that the GOP are calling an "American renewal that sharply contrasts with the president’s path to debt and decline." Ryan also made the case for bipartisan consensus that recognizes the need for drastic reforms.
He talked about the need for alternative to the President’s budget and layed out the details of the bill highlighting the need to reform Medicare with a voucher like “premium support’ approach as opposed to a fee for service program.
Other highlights to the proposal include deficit cuts totaling $3.3 trillion below President Obama over the coming decade. This includes $5.3 trillion in spending cuts tempered by $2 trillion in lower taxes.
The House Budget Committee is scheduled to markup the bill on Wednesday morning.