Today, Republican Congressman Paul Ryan released his plan for massive budget cuts that would fundamentally alter the spending profile of the U.S. government over the long-term.
The headline number on the cuts: $6.2 trillion over the next 10 years.
In terms of the cut to government spending, Ryan’s plan, “Brings government spending to below 20 per cent of the economy, a sharp contrast to the President’s budget, in which spending never falls below 23 per cent of GDP over the next decade.”
We said the cuts were incredible, and they look it. Whether or not a program like this will ever be achieved is unknown, but its proposed impact on debt as a per cent of GDP is dramatic.