By Sabrina Peterson
In March of 2012, Wisconsin Representative Paul Ryan who chairs the House Committee on the Budget released a revised version of his 2013 fiscal budget, The Path to Prosperity: a Blueprint for American Renewal. Ultimately, Congress did not pass the bill. On August, 11 2012, Republican Presidential candidate Mitt Romney announced Paul Ryan as his Vice Presidential running-mate for the 2012 election. Given Paul Ryan’s role as Chair of the House Committee on the Budget and as the next potential Vice President of the United States, a clear and concise summary of his 2013 fiscal budget is essential. Therefore, the following are a list of key policies and budget points outlined in his The Path to Prosperity.
Paul Ryan’s 2013 fiscal budget will:
- Repeal the $492 billion in sequestration cuts to non-exempt defense funding by cutting domestic spending by $492 billion
- Cut domestic spending by roughly $1 trillion (including sequestration cuts)
- Increase the Department of Defense’s budget by $554 billion
- Repeal Obamacare
- Turn Medicare into a voucher program for seniors
- Turn Medicaid into a block grant
- Cut Medicaid by $810 billion
- End incentive for states to sign-up eligible SNAP recipients who are not currently enrolled in the program; turn SNAP into a block grant beginning in 2016
- Replace current 6 individual tax brackets with just 2 tax brackets of 10% and 25%
- Cut corporate tax rate by 10%
- Repeal the requirement for U.S. multinationals to pay U.S. taxes on earned income abroad
- Stop any measures to raise taxes
- Cut government spending by $368 billion or 10% over the next decade
- Freeze pay for government employees until 2015
- Require government employees to pay more for retirement and health care plans
- Sell public land currently owned by the federal government to private entities and corporations
- Privatize domestic sourced energy including solar, wind, and nuclear
- Privatize the federal government’s home loan program through Fannie Mae and Freddie Mac
- End government guaranteed home loans and taxpayer subsidies
- Enforce a pay-as-you-go government spending plan (also known as PAYGO) that requires the government to operate on available funds only.
For questions on Paul Ryan’s 2013 fiscal budget, contact Sabrina Peterson at email@example.com.