House conservatives release budget to slash spending by $9.5 trillion, achieve balance by 2020 

House conservatives have one-upped Rep. Paul Ryan, R-Wis., releasing a budget proposal that would slash spending by $9.5 trillion relative to President Obama's proposal and achieve balance by the end of the decade.

The proposal by the Republican Study Committee, chaired by Rep. Jim Jordan, R-Oh., is broadly similar to Ryan's approach. It would freeze non-defense discretionary spending at 2008 levels, repeal the national health care law, block grant Medicaid to states, and transition Medicare into a system in which seniors would choose among private plans that would be subsidized by the government. It would also simplify the tax code, eliminating deductions and bringing down rates.

But the RSC proposes deeper spending cuts and additional entitlement reforms. Specifically, it would gradually increase the retirement age for receiving Social Security and Medicare benefits, starting with those born in 1952 (i.e. aged 59 and 60).

The RSC projections show that the proposal would reduce deficits by $7.6 trillion relative to Obama's budget, and create a $50 billion surplus by 2020.

Read it for yourself here.


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