Paul Ryan: We Can Eradicate The Deficit In 10 Years

Paul Ryan, R-Wisconsin, has pitched a budget proposal that he claims will take wipe out the deficit within a decade, with extreme cuts in multiple areas that would shrink it by 80 percent in the first two years, and eventually dissolve the deficit entirely by 2023.

Ryan, who was the GOP vice presidential candidate in 2012, emphasized the benefits of his plan, while heavily downplaying the severity of the cuts proposed. Huge amounts of money — amounting to $4.6 trillion — would be cut from the federal expenditure, with the most significant cuts taking place in social programs such as Medicare, Pell grants, and food stamps. The Defense Department and individual income taxes would be left alone under the proposed plan.

The new plan is likely to be dead upon arrival at the Senate floor, as the Democrats — who hold the majority in the house — critique the plan for taking too much from the poor, and not asking enough of the wealthy.