WASHINGTON, D.C. - U.S. Senator Pat Toomey (R-Pa.) today unveiled his fiscal year 2013 budget resolution, "Restoring Balance" (S. Con. Res. 37).

Restoring Balance is cosponsored by Sens. Richard Burr (R-N.C.), Tom Coburn (R-Okla.), Jim DeMint (R-S.C.), Jon Kyl (R-Ariz.), Mike Lee (R-Utah), Jim Risch (R-Idaho) and David Vitter (R-La.).

"At a time when our country is piling up unprecedented deficits, we need a budget that lays out a clear vision for the future of our country and puts us on a path toward balance," Sen. Toomey said. "I introduced this budget because the president's budget only continues down the path of ever greater spending, and the majority party in control of the Senate has refused to produce and mark up a budget at all. This is a complete abdication of leadership. Restoring Balance will balance our budget in eight years and calls for comprehensive tax reform that will create badly needed jobs and prosperity."

A one-page summary is available here and below. An extended brief is available here.

Restoring Balance Summary

Overview & Highlights

• Balances the budget within eight years with a modest surplus in 2021 and 2022

• Reduces publicly-held debt to approximately 56 percent of GDP by 2022

• Lowers spending to 18.3 percent of GDP

Economy and Taxes

• Promotes pro-growth economic policies that will create jobs and prosperity

• Returns revenue to 18.5 percent of GDP - well within the historical norm - and allows the federal government to fund essential programs while fostering economic growth

• Individual tax reform: Maintains existing progressivity of the tax code; Lowers all marginal rates by 20 percent and fully offsets lost revenue for each tax bracket by limiting deductions and exclusions; Indexes the alternative minimum tax for inflation.

• Corporate tax reform: Lowers the corporate tax rate from 35 percent to 25 percent; Transitions to a territorial tax system; Eliminates special-interest tax loopholes.

Medicare

• Prevents devastating physician payment cuts due to the flawed sustainable growth rate

• Adopts the long-term Medicare reform plan included in the House FY 2013 budget (effective 2023)

• Implements medical malpractice reform

• Expands means testing for Medicare Parts B and D

• Identical to President Obama's proposal for income under $150,000 (single) and $300,000 (married)

• No change to seniors with income under $85,000 (single) and $150,000 (married)

Medicaid and Other Mandatory Health → Saves $2.7 Trillion

• Repeals Obamacare

• Block grants Medicaid to the states and freezes spending at 2012 levels through 2017, after which it is indexed to inflation

Defense

• Maintains defense caps in Budget Control Act round 1

• Replaces the defense sequester with additional non-defense discretionary spending reductions

• Assumes full withdrawal from Iraq and Afghanistan by 2015 (contingent on security needs)

Non-Defense Discretionary → Saves $1.04 Trillion

• Reduces to 2006 levels ($440 billion) in 2013 and freezes for the subsequent seven years, after which it is indexed to inflation

Welfare and Other Mandatory Programs → Saves $745 Billion

• Block grants welfare programs and imposes mandatory spending caps (saves $440 billion)

• Reforms various mandatory programs (saves $155 billion)

• Reforms federal employee health and retirement benefits (saves $150 billion)