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.