Ryan Budget Cuts Spending by $6.2 Trillion

ABC News' Jonathan Karl reports:

While congressional leaders meet at the White House Tuesday morning to haggle over a few billion in spending cuts in this year's budget, GOP budget chairman Paul Ryan (R-Wis.) will be unveiling a budget for 2012 and beyond that would cut TRILLIONS.

In an op-ed in Tuesday's Wall Street Journal, Ryan reveals that his budget, to be released at 10am, would cut government spending $6.2 tillion more over the next 10 years than the budget President Obama released last month.

It's a staggering amount -- $2 trillion more than the plan proposed by the Bowles/Simpson debt commission appointed by the President.

The details will be released today, but Ryan says his plan would get savings by changing the Medicaid program for poor, ending corporate welfare, eliminating Fannie Mae and Freddie Mac and reducing discretionary spending to below 2008 levels.

Even with these cuts the budget would not be balanced by the year 2021.

To address the long-term problem, the Ryan plan would transform the Medicare program beginning in the year 2022, changing it from a government-run system that pays health bills for seniors into a system where seniors buy insurance plans subsidized by the federal government.

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