WASHINGTON (MarketWatch) — House Republicans are advancing a plan to cut spending by $4.6 trillion over the next decade in order to balance the federal budget by 2023 without raising taxes, according Rep. Paul Ryan.

In an op-ed in The Wall Street Journal on Tuesday, the Wisconsin Republican wrote that spending would increase by 3.4% each year over the next decade, down from the current path of 5%.

Rep. Paul Ryan (R-Wisc.) Bloomberg News/Landov

“Our opponents will shout austerity, but let’s put this in perspective,” Ryan said.

The Republican plan would call for spending of $41 trillion over the next 10 years, while current law would see $46 trillion over the same period, Ryan said.

House Republicans are set to formally unveil their budget Tuesday morning, although Ryan released some details in his op-ed.

He said he would cut spending to 19.1% of the economy by 2023, while publicly held U.S. debt would drop to just over 50% of gross domestic product.

Senate Democrats are expected to follow with their own budget on Wednesday, in which they are likely to propose a mix of tax hikes and spending cuts that don’t reach a balanced budget but instead make sure that the debt-to-GDP ratio is on a sustainable level.

White House officials hope the budget proposals spark talks on a so-called “grand bargain” on deficit reduction.

Such a bargain may come to include corporate- and income-tax reform. Congress will have to raise the federal debt ceiling by late summer, and under some scenarios, a budget deal could be reached by then.

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Ryan said House Republicans will take up take tax reform this year, and they want just two brackets: 10% and 25%.

Rep. Sander Levin, the ranking Democrat on the tax-writing House Ways and Means Committee, said Ryan’s budget would rely on “spurious budget trickery” to reach balance.

Obama, Congress members to meet

President Barack Obama is due to hold meetings with Democrats and Republicans on Capitol Hill over the next three days, seeking to gauge interest in a larger budget deal.

His first meeting, with Senate Democrats, is slated to take place on Tuesday afternoon.

According to a report in The Wall Street Journal, the House Republican budget will stick to core Republican positions almost identical to the ones Ryan campaigned on as the vice presidential candidate in last year’s election.

Ryan’s plan would reportedly let seniors to opt out of Medicare by buying private insurance, with premiums subsidized by the federal government. Democrats have criticized the proposal as shifting Medicare to a voucher program.

Ryan would also turn Medicaid into a block-grant program and would also repeal the White House’s 2010 health-care law, popularly known as “Obamacare.”

Democrats want to reform these entitlement programs mainly by trimming payments to providers.