On Tuesday, a budget proposal has been unveiled by the House Republicans claiming that if there would be a reduction of $6 trillion over the next decade, then this would help averting a debt-driven "economic collapse".

This proposal was unveiled by House Budget Committee Chairman Paul Ryan, R-Wis. With an aim to stabilize and eventually pay off the debt, this proposal would renovate two major entitlement programs and would also impose caps on government spending. If this figure is compared with the budget that was released by President Obama early this year then there could be seen a difference of literally trillions of dollars. Also, with the release of this proposal, it is expected to be a drag-out budget fight in Congress.

According to one of the statements made by Ryan, this proposal is set with a goal to leave children and grandchildren in a debt-free nation. However, the congressman had tough words to say for Obama's 10-year budget plan. He also accused the White House for speeding up the country's "descent position into a debt crisis".

This proposal of Ryan was considered as one of the most controversial proposal via which Ryan also argued about an overhaul of Medicare for subsidizing private insurance policies for seniors. During a speech at the American Enterprise Institute he said "The open-ended, blank-check nature of Medicare's subsidy mechanism is threatening the solvency of this critical program, and it is creating inexcusable levels of waste".