Entries in Governernment Spending (1)


GOP Budget Chairman Paul Ryan's Budget Cuts Spending by $6.2 Trillion

Jupiterimages/Thinkstock(WASHINGTON) -- While congressional leaders meet at the White House Tuesday morning to haggle over a few billion in spending cuts in this year's budget, GOP budget chairman Paul Ryan will be unveiling a budget for 2012 and beyond that would cut trillions.

In an op-ed piece in Tuesday's Wall Street Journal, Ryan reveals that his budget, to be released at 10 a.m., would cut government spending by $6.2 trillion more over the next 10 years than the budget President Obama released last month.

The details will be released Tuesday, but Ryan says his plan would get savings by changing the Medicaid program for the poor, ending corporate welfare, eliminating Fannie Mae and Freddie Mac and reducing discretionary spending to below 2008 levels.

But even with these cuts, the budget would not be balanced by the year 2021.

To address the long-term problem, the Ryan plan would transform the Medicare program beginning in the year 2022, changing it from a government-run system that pays health bills for seniors into a system under which seniors buy insurance plans subsidized by the federal government.

Copyright 2011 ABC News Radio

ABC News Radio