House Budget Committee Chairman Paul Ryan (R-WI) outlined his new budget proposal in a Wall Street Journal op-ed published Monday evening.
“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,” Ryan wrote.
He continued:
Our opponents will shout austerity, but let’s put this in perspective. On the current path, we’ll spend $46 trillion over the next 10 years. Under our proposal, we’ll spend $41 trillion. On the current path, spending will increase by 5% each year. Under our proposal, it will increase by 3.4%. 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.
The budget seeks to repeal President Obama’s health care law and embraces Medicare cuts. Ryan is scheduled to release his budget at 10:30 a.m. ET Tuesday.
