April 1 (Bloomberg) — Republican Representative Paul Ryan unveiled a $1.014 trillion U.S. budget plan that envisions revamping the tax code and social-safety net in a declaration of party priorities seven months before the midterm election.
The House Budget Committee led by Ryan called its proposal for fiscal 2015 a "blueprint for the country's future." The plan released today sets a goal of a top individual tax rate of 25 percent, compared with the current 39.6 percent, and calls for increases in defense spending and cuts in non-defense discretionary spending on programs such as national parks and the National Security Agency.
"This is a plan to balance the budget and create jobs, and it builds off a simple fact: We can't keep spending money we don't have," Ryan of Wisconsin said in a statement.
"Ultimately, the budget is more than a list of numbers," according to a committee outline of the proposal, which will be considered by the panel tomorrow and reach the floor of the House of Representatives next week. "It's an expression of our governing philosophy."
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