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Ryan: We 'owe the American people a balanced budget'

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The plan would make profound changes to government, bringing spending down from 22.2 percent of the economy to 19.1 percent by 2023. It doubles down on many of the proposals Ryan advanced as his party’s vice presidential candidate in 2012.

It includes virtually the same Medicare plan that Ryan put forward last year, giving seniors the option of purchasing private insurance on an exchange and receiving "premium support" payments.

People ages 54 and younger would see changes starting when they retire in 2024. Ryan had floated applying the changes to those 55 and younger but faced resistance from his caucus.

Read more on The Hill's On The Money blog.