WASHINGTON, March 11 (Reuters) – House Budget Committee
Chairman Paul Ryan said on Monday he can balance the federal
budget in 10 years without raising taxes any further by
achieving $4.6 trillion in additional government spending cuts.
Ryan, who plans to unveil the House Republican budget on
Tuesday, said in a Wall Street Journal opinion piece his
proposal calls for the U.S. government to spend a total of about
$41 trillion through 2023, a 3.4 percent annual increase.
That compares to the current spending trajectory of $46
trillion over 10 years, a 5 percent annual increase.
“Because the U.S. economy will grow faster than spending,
the budget will balance by 2023 and debt held by the public will
drop to just over half the size of the economy,” Ryan wrote.
The Wisconsin Republican and 2012 vice presidential
candidate said his budget will grant approval to the northern
portion of the controversial Canada-to-Texas Keystone XL
oil pipeline, which he contends will create 20,000
direct jobs and 118,000 indirect jobs.
As in past years, Ryan’s budget will seek to convert
Medicare health care for the elderly into a voucher-like system
under which seniors receive a subsidy to purchase private
insurance or traditional Medicare. But he said there will be no
changes for those 55 or older, so the plan does contribute
savings to achieve balance in the 10-year window.
Ryan said his budget will again seek to turn control and
funding for Medicaid health care for the poor and food stamps
over to states, and “paves the way” for comprehensive tax
reform, with a goal of just two tax brackets: 10 percent and 25
percent.
