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GOP budget plan kills Obamacare, eliminates the deficit in less than 10 years

ARLINGTON, VA - MARCH 20: U.S. Rep. Tom Price (R-GA) tears a page from the national health care bill during a press conference at the U.S. Capitol March 21, 2012 in Washington, DC. Republican members from the House of Representatives gatherered to speak out against the health care bill which is the topic of a case before the Supreme Court next week. Credit: Getty Images

House Republicans on Tuesday will introduce a budget plan that eliminates the budget deficit within 10 years, repeals Obamacare, and gives more power to states to make choices about issues such as education.

The introduction of the GOP's 'balanced budget for a stronger America' will mark the start of budget season in Washington, that time of the year when several factions will lay out competing visions of what the next fiscal decade should look like for Washington. Several Democratic versions of a budget will also pop up, as will a proposal from the conservative Republican Study Committee, which will likely call for steeper cuts to get to balance more quickly.

But the mainstream GOP budget is the one Congress is expected to support in the end. House Budget Committee Chairman Tom Price (R-Ga.) said Tuesday that his proposal would balance within 10 years, a move that's needed to end the growing anxiety felt by companies that believe that massive tax hikes on companies is the only way to pay down the national debt.

"We know that job creators and future entrepreneurs see today's large debt levels as tomorrow's likely tax hikes, interest rate increases, and inflationary pressures," he said in an op-ed for USA Today. "Through policies like fundamental tax reform, expanded energy production and the streamlining or outright elimination of unnecessary regulations, our budget would create an environment where folks can plan for the future with greater confidence and optimism."

Price said the budget would cut $5.5 trillion in spending over the next decade, and balances the budget within a decade, something Obama's budget plan never accomplishes.

The GOP budget will get there by following through on many of the ideas it's proposed in the past, including shifting Medicare into plan that lets people buy their own health care, a step Republicans have said is needed to keep the program alive for future generations.

Also as expected, the budget proposes a repeal of Obamacare, the 2010 law that Republicans have targeted for elimination from the day it was enacted. That goal is becoming increasingly more difficult as millions of people now use Obamacare, but Price said repeal would still give Congress a chance to "build a system that works for patients, families and physicians, not Washington."

In other areas, the GOP budget looks to boost defense spending, give states more control over education funding, and look to trim billions in waste. One example Price gave was to eliminate a loophole that lets people receive both unemployment and disability benefits at the same time.

One last thing…
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