Later this morning, House Budget Committee Chairman Rep. Paul Ryan will formally reveal his party’s fiscal blueprint for FY 2014. The new “Path to Prosperity” will achieve balance by 2023, with annual deficits dipping below $100 billion seven times over the next decade. It does not raise taxes. It offers specific reforms to reduce and control unsustainable healthcare spending while saving important safety net programs from insolvency. And it reduces deficits by $4.6 trillion over the next ten years (compared to the current trajectory) without relying on misleading gimmicks. Based on Ryan’s appearance on Fox News Sunday and several discussions with House Budget Committee sources, I recapped the key components of House Republicans’ new proposal in five bullet points:

The GOP budget will balance in 10 years. By comparison, President Obama’s most recent budget came into balance…never. Ryan’s plan accomplishes this feat by implementing a number of cost-reducing reforms to entitlement programs, incorporating the budget caps and revenue increases that recently became law (laying down a new, more advantageous baseline), and by asking all federal workers to begin making some contributions to their pensions by the end of the coming decade.