House Budget Committee Chairman Paul Ryan (R-Wis.) revealed Monday evening in an opinion piece in The Wall Street Journal that his latest budget plan will cut $4.6 trillion in spending over 10 years.
“House Republicans have a plan to change course. On Tuesday, we're introducing a budget that balances in 10 years—without raising taxes,” Ryan writes. “Under our proposal, the government spends no more than it collects in revenue—or 19.1% of gross domestic product each year. As a result, we'll spend $4.6 trillion less over the next decade.”
The new House Republican budget is set to be unveiled on Tuesday; the op-ed does not fully spell out where the cuts come from.
Because Ryan is able to assume $600 billion in tax revenue from the "fiscal cliff" deal and lower healthcare costs, the spending cuts are not much greater than in previous years.
Source: The Hill