Though Ryan’s budget is often described as a deficit-reduction package, it is focused at least as much on fundamentally reducing Washington’s role in society. Ryan’s plan envisions continuing (though reduced) deficits until 2040, largely because it maintains the tax cuts passed under George W. Bush and seeks a further reduction in the top marginal rate for the highest earners to 25 percent -- the lowest level since 1931. (Romney has proposed cutting the top rate to 28 percent.) Simultaneously Ryan’s plan aims to significantly reduce long-term federal spending by converting Medicaid into a block grant, transforming Medicare into a premium support program, and squeezing domestic discretionary programs over time to levels unseen since World War II. Still, the Congressional Budget Office calculated in March that Ryan’s plan would shrink federal spending, as a share of the economy, to just 16 percent by 2050 -- a level not seen since 1950, before not only Medicare, Medicaid and federal education aid, but the interstate highway system.
keyboard shortcuts: V vote up article J next comment K previous comment