The Hill News

Today, Congressman Paul Ryan (R-WI), chairman of the House Budget Committee, released his FY 2012 budget proposal. Overall, his budget would reduce debt to 67.5 percent of GDP by 2021 and would save approximately the same amount as what the White House Fiscal Commission proposed. The budget would reduce projected deficits by over $1.6 trillion compared to CBO's current law projections and by $4.4 trillion when compared to CBO's score of the President's budget. 

In particular, Ryan's budget proposes steep non-security discretionary spending cuts along with substantial reductions in federal health spending, including block-granting Medicaid, repealing the coverage provisions from the health care reform law, and reforming Medicare by introducing a "defined contribution" program. He also proposes significant cuts to other mandatory programs, overhauling the tax system, putting in place a mechanism for requiring a fix for Social Security, and budget process reforms! . 

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