Bottom line: It would eliminate $6.2 trillion in spending compared with President Obama's 10-year budget blueprint, or $5.8 trillion from current baseline budget projections.
Medicare, Medicaid: Medicare, the federal health program for the elderly, would be replaced for those now under age 55 with a system under which they would get a fixed amount -- or premium support -- to buy insurance policies in the private market. Payment would vary with a person's health, and wealth. Those 55 and over now could continue with the current program. Medicaid would be transformed into a block grant, with a lump sum of federal money given to states to care for low-income people.
Taxes: The top income tax rate for both individuals and corporations would be reduced from 35 to 25 percent.
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