The House has passed its FY 2012 Budget Resolution (H. Con. Res. 34). Titled "The Path to Prosperity," the nonbinding $3.5 trillion resolution outlines spending and tax priorities for the appropriations process and tax-writing committees.

With Senate Democrats aiming for more modest spending reductions, Ryan's proposal is unlikely to advance beyond the Republican-controlled House. However, it is likely to intensify the debate over how to best rein in growing deficits. Senate Budget Committee Chairman Kent Conrad (D-ND) is expected to release his initial resolution draft following the spring recess.

• The Path to Prosperity - House FY 2012 Budget Resolution (PDF)
• House Budget Resolution Summary (PDF)
  

President Obama released his administration's FY 2012 budget outline February 14.

Highlights of the FY 2012 House Budget Resolution

• $3.5 trillion top-line spending (Nearly $200 billion below the President's FY 2012 request; over $100 billion below current Congressional Budget Office (CBO) baseline).
• Reduces and freezes total domestic discretionary spending below FY 2008 levels for 5 years.
• Sets non-defense discretionary spending at $482 billion ($72 billion below the president's request; $79 billion below the CBO baseline).
• Cuts $6.2 trillion in total government spending over the next 10 years compared to the President's FY 2012 budget; $5.8 trillion compared to the CBO baseline.
• Creates enforceable spending caps and establishes budget process reforms.
  

Deficits / Debt

• Reduces deficits by $4.4 trillion over 10 years compared to the President's budget; $1.6 trillion compared to the CBO baseline.
• Projects a $995 billion deficit for FY 2012 ($169 billion below the President's budget deficit projection).
• Achieves primary budget balance by 2015 with the goal of paying off the debt over time.

Taxes

• Calls for a simpler, less burdensome tax code for individuals and businesses that broadens the tax base by eliminating loopholes.

• Sets the top tax rate for individuals and businesses at 25 percent
• Eliminates certain tax deductions and credits for individuals and businesses (The resolution does not specify which tax breaks would be altered as this determination would fall under the jurisdiction of the Ways and Means Committee).
  

• Medicare - In place of the current Medicare system, beneficiaries would receive a lump sum from the government, adjusted upward for those with lower incomes, that they could be used to purchase a government-approved private health insurance plan.
• Medicaid - Proposes to convert Medicaid into a block grant program that would give states flexibility to tailor their Medicaid programs to the specific needs of their residents.
• Social Security - Calls for action by both chambers of Congress and the Administration to ensure the long-term solvency of Social Security.

Health Care

• Assumes the repeal of the Patient Protection and Affordable Care Act (PL 111-148) as part of long-term spending reductions and savings.