Paul Ryan will release his budget proposal this week

House Budget Committee Chairman Paul Ryan (R-WI) is planning to release his budget proposal on Tuesday, in hopes to balance the budget in 10 years.

Ryan told Fox News, “We don’t have to do too much” in regards managing the much discussed budget.

The Obama administration has implemented policies that include increased taxes on the wealthy.

Ryan said he agrees with most of these policies even though he was formerly against them while running as the GOP vice-presidential nominee. However, he added that he won’t be renewing some of these policies in the new fiscal year.

Ryan told Fox News Sunday that the budget proposal is not too different from his FY 2013 plan. The plan is to cut about $5 trillion in the rate of growth in spending over the course of 10 years. It will also repeal President Obama’s health care law.

According to The Washington Post, Ryan had lunch at the White House on Thursday with President Obama and ranking Democrat on the House Budget Committee Rep. Chris Van Hollen (D-MD) to discuss the plan.