WASHINGTON D.C. (WTAQ) - House Budget Chairman Paul Ryan says 40 percent of federal spending cuts over the next decade can be achieved by repealing the Obama health reform law.
The repeal is included in the Janesville Republican’s budget blueprint which he unveiled Tuesday morning.
It also includes new limits on defense spending that were not endorsed previously by the GOP leadership.
The package could get to the floor of the Republican-controlled House by next week.
The Democratically-controlled Senate will then pass a competing version. And President Obama is expected to propose his own 2014 budget in April.
Ryan’s package would give the Pentagon $560 billion in the next fiscal year. And while it’s less than previous defense spending, he says it’s still more than what’s currently enforced in the automatic spending cuts that took effect March 1st.
Ryan also proposed a $750 billion cut in federal Medicaid spending over the next 10 years, by creating a network of state block grants to care for the poor and the elderly.
And his Medicare reform package is similar to his budgets of the past two years, which would reduce benefits by giving seniors vouchers to buy private insurance. Those 55-and-older could still use the present fee for service system.