FOXNews.com: What is the 'Ryan' plan? Budget proposal back in spotlight with VP announcement

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What is the 'Ryan' plan? Budget proposal back in spotlight with VP announcement Aug 11th 2012, 12:18 Published August 11, 2012 FoxNews.com With Rep. Paul Ryan selected as Mitt Romney's running mate, voters will be hearing a lot about the so-called "Ryan" plan.  So what is it?  Though each party has strong feelings about what Ryan's controversial budget proposal entails, here are a few highlights. Just the facts:  The latest full-scale version of the plan, unveiled this past March, vows to cut spending by $5 trillion over the next decade, compared against President Obama's plan.  The plan would, a decade from now, give seniors the option of taking a government payment to purchase health insurance. That payment could be used to buy a private insurance plan, or go toward the traditional Medicare plan. The plan calls for extra assistance to help low-income beneficiaries and those with "greater health risks."  The plan would overhaul Medicaid by turning it into a block grant system for states.  The plan would cut the corporate tax rate from 35 percent to 25 percent. It would implement two individual income tax brackets -- 10 percent and 25 percent.  The plan would head off the scheduled automatic defense cuts, first by diverting the planned$55 million defense cut in 2013 by implementing those cuts elsewhere.  The plan vows to bring the size of government to 20 percent of GDP by 2015.

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