This plan is similar to the vague outline Mitt Romney proposed during the election and offers few specifics as to how Republicans aim to raise the revenue they’ve promised.
The $2.2 trillion blueprint extends Bush tax cuts for all Americans, including the wealthiest two percent, but finds $800 billion in revenue from “tax reform” by limiting or closing unspecified tax loopholes, deductions, and lowering tax rates. Significantly, the higher revenues will be identified by the relevant House committees next year, and will not be included in the immediate down payment. The plan also enacts an array of mandatory and discretionary spending cuts:
$600 billion in health savings, including raising the Medicare eligibility age from 65 to 67.