Republicans in the U.S. House of Representatives unveiled a plan today to overhaul the federal budget and cut the deficit, Bloomberg reported.

The proposal would cut the deficit next year to $995 billion, down from the current $1.4 trillion. It would cut the deficit down to as little as $379 billion in 2018 and eliminate it by 2040.

The plan, released by House Budget Committee Chairman Paul Ryan, calls for cutting more than $6 trillion in the next decade out of Medicare, Medicaid, food stamps and other programs.