Story highlights Ohio Gov. John Kasich promised to balance the federal budget within eight years

Kasich is also calling for income tax cuts and entitlement reforms

Washington (CNN) Ohio Gov. John Kasich played to his key strength Thursday, rolling out a fiscal plan that he promised would balance the federal budget in eight years, while cutting taxes and reforming federal entitlement programs.

Kasich also promised to severely pare back the Department of Transportation and Department of Education, by sending schools and road money back to the states in the form of grants.

Kasich's proposal -- the first major policy rollout from his campaign -- comes as he has been slipping in national polls and looks to New Hampshire to shore up his support. His campaign posted the "Kasich Action Plan" to his website Thursday morning, shortly before he outlined it during an event at Nashua Community College.

"In my lifetime, I can't remember a time when our nation waits for bad things to happen to us. We need to take control of our future now," Kasich said to applause from the crowd in Nashua. "Today I lay out my vision for lifting our nation by reclaiming our power, by reclaiming our money and by reclaiming our influence from Washington."

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