Here is a look at some of the key provisions of Ryan's plan:
-Medicare. Ryan proposed leaving the current structure of Medicare in place for people now 55 and older, while substituting a different program for younger Americans. Instead of a government-run program that pays directly for the medical services that Medicare recipients get, the Ryan plan would give people a subsidy they would use to pay their health insurance premiums.
-Balanced budget. The long-term reductions in Medicare spending help get the Ryan plan on paper to a balanced budget around the year 2040
-Savings. Much of the 10-year saving in the budget plan is derived from repealing federal health care reforms, which Republicans have termed "Obamacare," and making major cuts in domestic programs such as Medicaid and food stamps, which would be transformed into block grants to states.
Food stamps would also come with new work rules and time limits to discourage long-term use. Ryan also proposed reducing spending on financial aid for college; having federal employees pay more into their pensions; reducing the federal workforce through attrition; freezing federal pay through 2015; and eliminating Fannie Mae and Freddie Mac.
-Military spending. Ryan proposed protecting military spending from the sharp automatic cuts the two parties agreed to in the debt ceiling showdown.
-Taxes. The plan detailed no comprehensive tax overhaul, but it did lay out broad tax changes. Ryan would keep total tax revenue at the same percentage of the overall economy as it represents today.
Ryan also called for a shift to fewer and lower tax rates coupled with an end to unspecified tax deductions and loopholes. The corporate tax rate would be cut from 35 percent to 25 percent. There would be two individual tax rates of 10 percent and 25 percent.