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Huffington Post, March 12, 2013: GOP Budget Plan Promises To Repeal Obamacare, Cuts Medicaid
House Budget Committee Chairman Paul Ryan released their proposed budget plan today. It mimics much of what Paul Ryan previously proposed during the election.
1. Claims to balance the budget within 10 years by simply cutting spending and avoiding further tax hikes.
2. Promises to cut the deficit from $845 billion this year to $528 billion in the 2014 budget year...then drops to $125 billion in 2015 and thereafter hovers pretty much near balance for several years before registering a $7 billion surplus in 2023.
3. Resurrects a controversial Medicare proposal that replaces traditional Medicare for those currently under 55 with a government subsidy to buy health insurance on the open market...(e.g. vouchers).
4. Proposes sharp cuts to the Medicaid health program for the poor, tighter food stamp eligibility rules and claims $1.8 trillion in savings over a decade by repealing Obama's signature overhaul of the U.S. health care system.
5. However, preserves the ObamaCare $700 billion plus in the health care law's cuts to Medicare providers over a decade.
6. Claims to preserve the $600 billion in tax hikes on the wealthy enacted in January. However, drops the top marginal tax rate from 39.6 percent to 25 percent.
7. Eliminates many or most tax deductions and uses those the savings to lower income tax rates.
8. Preserves the Pentagon budget, but only at the expense of proposing dramatic cuts to domestic agency budgets.
Those are some of the quick highlights identified by the Huffington Post. There will obviously be more to reveal as we have time to study it.