House Budget Chairman Paul Ryan offered America a preview of his fiscal 2012 budget proposal, which seeks to slash trillions.
In an op-ed piece published in Tuesday’s Wall Street Journal, Ryan revealed the Republican budget, called the "Path to Prosperity," which would cut $6.2 trillion from President Obama’s proposal for government spending over the next 10 years.
The Wisconsin Republican said his plan would convert federal Medicaid spending into a block grant, restructure social welfare programs, eliminate corporate welfare, eliminate Freddie Mac and Fannie Mae, reduce discretionary spending to levels below 2008, and overhaul the tax code. It would also change the Medicare system in 2022 from a government-run system into a program where beneficiaries can purchase health insurance with government subsidies.
Ryan will unveil his full budget proposal at 10 a.m.