House GOP unveils ambitious budget plan with steep funding cuts

House Republicans on Tuesday released a budget proposal for the coming fiscal year that would eliminate the federal deficit in 10 years largely by slashing funding for social safety net programs.

Adopting some aspects of Rep. Paul Ryan's (Wis.) budgets from years past, the plan calls for eliminating the Affordable Care Act, partly privatizing Medicare, and significantly scaling back spending on food stamps and Medicaid. At the same time, it would increase military funding that is not subject to strict budget caps.

The budget, which will face stiff opposition from the White House, would pare spending by $5.5 trillion over the next decade. President Obama's proposed budget would reduce the deficit by $1.8 trillion over the same period.

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