April 2 (Bloomberg) — Representative Paul Ryan's budget plan will frame an election between a Republican Party that wants to eliminate the deficit partly by cutting U.S. social spending and Democrats who want to boost the safety net.

"It's very important to offer people a choice," Ryan said yesterday of his proposal, which would lower the top income-tax rate to 25 percent from 39.6 percent now.

The budget plan unveiled yesterday would increase defense outlays while cutting non-defense programs — a broad category of spending that covers everything from national parks and housing vouchers to NASA and environmental regulation.

The House Budget Committee chairman's plan has little chance of being enacted this year. He and Senator Patty Murray, a Washington Democrat who heads the Senate budget panel, reached a deal in December to set top-line spending at $1.014 trillion for the 2015 fiscal year that starts Oct. 1.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.