Basically the exact plan President Bush tried in 2005. Next, it calls for the full privatization and phasing out of Medicare. It'll be replaced by a system of vouchers in which instead of getting Medicare you get a voucher to buy un-reformed private insurance.
Weirdly, with all that, the draft GOP budget doesn't get the federal budget into surplus until sometime after 2060, which seems like a pretty long time. But isn't this sort of a big deal? House Republicans are poised to run in 2010 on slashing or abolishing the two most popular federal government programs -- Social Security and Medicare.
Now, Minority Leader Boehner (R-OH) and Minority Whip Cantor (R-VA) have been sort of dancing around the Ryan draft. They're both saying they're putting forward a detailed budget plan and then simultaneously refusing to say Ryan's plan is endorsed by the conference. But Ryan's their budget writer. So this is a bit like Peter Orszag releasing a budget document and having Obama and Rahm saying he's just speaking for himself.