politics
Key provisions of the Ryan budget
- Updated: August 11, 2012 - 6:03 PM
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Here are key provisions of Paul Ryan's "Path to Prosperity," a blueprint that would reshape federal spending and taxing policies in an effort to reduce U.S. debt.
MEDICARE: RYAN PROPOSED LEAVING THE CURRENT STRUCTURE IN PLACE FOR PEOPLE 55 AND OLDER, WHILE SUBSTITUTING A DIFFERENT PROGRAM FOR YOUNGER AMERICANS. INSTEAD OF A GOVERNMENT-RUN PROGRAM THAT PAYS DIRECTLY FOR THE MEDICAL SERVICES THAT MEDICARE RECIPIENTS GET, THE PLAN WOULD GIVE PEOPLE A SUBSIDY THEY WOULD USE TO PAY THEIR HEALTH INSURANCE PREMIUMS.
Balanced budget: The long-term cuts in Medicare spending help get the budget balanced on paper around 2040. Savings: Much of the 10-year saving in the plan is derived from repealing the federal health care law and making major cuts in domestic programs such as Medicaid and food stamps, which would be transformed into block grants to states. Food stamps would come with new work rules and time limits. It also would trim spending on college financial aid; have federal employees pay more into their pensions; cut the federal workforce through attrition; freeze federal pay through 2015; and eliminate Fannie Mae and Freddie Mac.
Military spending: Ryan proposed protecting military spending from the sharp automatic cuts the two parties agreed to in the debt ceiling showdown.
Taxes: It detailed no comprehensive tax overhaul, but it did lay out broad tax changes. It would keep total tax revenue at the same percentage of the overall economy as it represents today. It called for a shift to fewer and lower tax rates coupled with an end to unspecified tax deductions and loopholes. The corporate tax rate would be cut from 35 to 25 percent. There would be two individual tax rates of 10 percent and 25 percent.
Milwaukee Journal Sentinel
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