The Republican Study Committee has just released their proposed 2012 budget, Honest Solutions, which would balance the budget by 2020. (Note that Paul Ryan’s proposal wouldn’t balance the budget until sometime between 2030 to 2040.) Here are some highlights from the budget:
Discretionary Spending. In this budget, discretionary spending in 2012 would be reduced to 2006 levels (which would require spending $141 billion less in discretionary spending than was spent in 2010). Spending from 2013 to 2021 would be at 2008 levels, $933 billion per year.
Health Care. The RSC Medicare budget proposal is founded on Ryan’s budget, with the crucial difference that the RSC budget would impact all Americans 59 years old or younger, while Ryan’s budget would only impact those 55 or younger. Obamacare would be completely defunded. Medicaid would be switched to block grants to the states, with grants beginning at the levels of Medicaid funding in 2006 and growing at the rate of inflation.
Social Security. Those 60 and older would not be impacted. For anyone younger than 60 but born before 1975, benefits would not begin until the recipient was 66 and 2 months old, with that age being increased by two months every year. For all born in 1975 or later, Social Security benefits would kick in at age 70.
Other programs. Food stamps funding would be cut to 2007 levels. Federal funding for unemployment benefits would also be cut, with the budget allowing the federal government’s full funding of unemployment benefit weeks 26 – 39 to expire. Farm subsidies would be cut by $11.8 billion over ten years. The federal workforce would be cut by 15 percent.