The Ryan budget was hardcore deficit reduction by slashing spending (and tax cuts for the wealthy), by 5.3 trillion over 10 years. It accomplishes this by:
1.) radically slashing Medicaid: Converts federal share of Medicaid spending into a block grant thats indexed for inflation and population growth.
To offer some context, health-care costs often increase at twice the rate of inflation or more.
2.) doing the same to SNAP (the food stamp program)
3.) privatizing Medicare entirely and turning it into a voucher program: Future beneficiaries will choose from a menu of private options. They wont have the choice of the standard Medicare plan. Wealthier beneficiaries will get a small voucher and poorer beneficiaries will get a larger voucher.
Vouchers grow at GDP+1%, whether or not Medicare does the same.
note that both the medicare and medicaid programs grow at a fixed rate (inflation or less) that's far below the typical annual increase in healthcare costs. Anyone using either program would have VERY high out of pocket costs in a few short years.
4.) Eliminates the Affordable Care Act (Obamacare).
5.) Prevents the Bush Tax Cuts from expiring in 2013.
6.) On top of this, rolls back the corporate tax rate from 35% to 25%.
Summary from the Washington Post
