The House Budget Committee approved Chairman Paul Ryan’s 2013 budget plan on Wednesday with a vote of 19-18.
The proposal titled “The Path to Prosperity” aims to cut $5.3 trillion in spending compared to President Obama’s budget and reduce deficits by $3.3 trillion over the coming decade. It calls for roughly $3.5 trillion in spending.
The plan hopes to simplify and reduce tax rates by lowering corporate taxes to 25 percent from its current level of 35 percent. It also aims to balance the federal budget by 2040 and save Medicare through a bipartisan solution.
The bill highlights the plan to reform Medicare with a voucherlike “premium support’ approach as opposed to a fee-for-service program.
The White House immediately responded to the budget in a statement Tuesday. "The House budget once again fails the test of balance, fairness, and shared responsibility." The statement adds that the GOP proposed "tax breaks would be paid for by undermining Medicare."
The resolution will go to the floor for consideration during the week of March 26.