The House unveiled a new 10-year budget plan proposal on Tuesday, one that cuts spending by $5.7 trillion, while reducing the top tax rate to 25%.

The new plan was unveiled by House Budget Committee Chairman Paul Ryan the Republican Representative from Wisconsin. Ryan is the former GOP nominee for the Vice-Presidency. His new budget proposal, while claiming to balance the budget within a decade, has no chance of getting by the Democrats in the Senate.

Ryan’s plan is still sporting the same title, “Path to Prosperity,” and many of its parts are similar to past proposals such as a repeal to Obama’s Healthcare law. Repeal, according to that budget, will cut spending by $1.8 trillion.

Also in the plan is tightened elegibilty standards for student loans and cuts to social programs such as welfare and food assistance, as well as sending Medicare responsibilities to the states as a voucher system for future seniors.

With cuts to domestic programs would under the GOP plan, allow the budget to adde an additional $500 billion to defense spending over the next ten years.

This proposed plan “ends cronyism, eliminates waste, fraud, and abuse and returns the federal government to its proper sphere of activity,” Ryan said.

Senate majority leader Harry Reid says the GOP proposal would lower taxes on the rich, but hit the middle class with higher taxes. The plan will also cut essential programs for food and law enforcement while weakening medicare.

The Democrats are preparing their counterproposal, Senate Budget Committee Chair Patty Murray is offering her plan due out on Wednesday.

President Obama has scheduled four meetings with members of Congress this week, and has met with Republican lawmakers during the past week looking for answers to the budget impasse.