GOP Unveils Budget That Overhauls Medicare & Medicaid, Repeals Obamacare

House Budget Committee chairman Rep. Paul Ryan today unveiled a long-term plan that would dramatically overhaul the way the federal government and states administer Medicare and Medicaid. The GOP plan also, of course, repeals "Obamacare."

Ryan's budget proposal aims to slash $6 trillion from the budget over the next 10 years. It would in part accomplish that by changing Medicaid -- which serves low-income families -- from a government-run insurance program to a system of block grants distributed to states. Medicare, a government-run health care program for those over 65, would essentially turn into a "premium support" program -- the government would essentially provide vouchers for health care, but the funds would go directly to the insurer rather than the consumer. The government would give private health insurers a set amount of money to cover senior citizens. The change to Medicare would go into effect in 2022 under the plan. It's a risky proposal politically, given Medicare's overwhelming popularity, but Ryan and the GOP are prepared to argue the changes are necessary.

Below is the PR clip Ryan issued today in support of his plan.