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WASHINGTON — Representative Paul Ryan, Republican-Wis., on Tuesday laid out a tough, election-year budget that purports to come into balance by 2024, in large part through steep cuts to Medicaid and food stamps and the full repeal of President Obama’s health care law, just as millions begin to see its benefits.
But even with those cuts, Ryan, the House Budget Committee chairman, is counting on a boost of economic growth to balance the budget, a boost he said will be gained by reducing the deficit. Many economists believe such dramatic spending cuts — especially those affecting the poor — would have the opposite effect, slowing the economy and lowering tax receipts.