Breakdown: Paul Ryan’s new plan to cut $5.3 trillion in spending in 10 years

The budget-buster’s latest attempt: On Tuesday, powerful Rep. Paul Ryan pitched his latest attempt to trim the deficit by focusing on spending cuts, choosing to leave spending at the Pentagon intact while focusing more on domestic programs. The pitch is largely the same as Ryan’s plan last year. “We owe the country an alternative path if we don’t like the path the president is taking us on.” Ryan said about his plan. “Whoever our nominee is going to be owes the country that choice of two futures. We’re helping them put this together.” A breakdown:

• one The plan would cut major spending initiatives for the poor and handing their administration over to the states. Popular funding programs like Pell Grants would be restricted to the neediest.
• two The Ryan plan would also add new restrictions to Medicare, raising the age and encouraging those on the system to buy private insurance. The current Medicare would still be an option.
• threeThe current tax bracket structure would be simplified from ten into six: The highest tax rate would fall significantly, and corporations would get taxed lower rates on overseas profits. source

» Detractors abound: Ryan’s plan did not go over well with the Obama administration: “The House budget once again fails the test of balance, fairness, and shared responsibility,” claimed White House Communications Director Dan Pfeiffer, who said the plan benefited the very rich while shouldering the poor with the bill. Others complained about the lack of detail, including Howard Gleckman, blogging for the Christian Science Monitor, who complains about the lack of details: “His budget includes a convincing and articulate explanation about what’s wrong with a tax system with high rates and a narrow base,” Gleckman writes. “He just doesn’t say what he’d do about it.” What do you think of Ryan’s latest budget plan? (Photo by Gage Skidmore)

Follow ShortFormBlog