Earlier today, the House Budget Committee released its 2013 budget plan titled “The Path to Prosperity: A Blueprint for American Renewal.” Click here to view the full report.
Following the release, House Budget Committee Chairman Paul Ryan delivered remarks at the American Enterprise Institute. Watch the event here:
Some key elements of the GOP’s 2013 budget plan:
- Consolidates the current six individual income tax brackets into just two brackets of 10% and 25%.
- Reforms Medicare: offers premium-support to allow beneficiaries to purchase traditional Medicare or competing plans through a government-run exchange.
- Reduces the corporate tax rate from 35% to 25%.
- Cuts discretionary spending below the level established under the Budget Control Act.
- Repeals the $55 billion in defense cuts expected to come from the budget sequester.
- Dismantles the healthcare reform law.
- Turns social safety net programs like food stamps and Medicaid into block grants for states.
Click here to read Back in the Black’s evaluation of the budget resolution.