House GOP Releases Budget Blueprint

House Republicans on Thursday released their alternative to President Obama's budget, outlining a plan they say will cut spending and lower taxes while stimulating job creation.

The proposal comes after the GOP spent weeks criticizing the president's $3.6 trillion spending plan for 2010 as a deficit-laden scheme to expand government.

Under their proposal, House Republicans promise to simplify the tax code and cut income tax rates to 10 percent for people making $100,000 or less.

They also promise to cut domestic spending below current levels but don't say whether they are exempting Social Security.

The plan came in the form of a broad overview and was lacking many specifics.

Republicans said more details would come out next week. House Minority Leader John Boehner, R-Ohio, argued that his party should have more time to settle on the details, just as Obama did.

"The president came to Capitol Hill and laid out his blueprint for his budget during the State of the Union. He didn't offer his details until days later. Today we are offering our blueprint," Boehner said.

"We're going to show a leaner budget, a budget with lower taxes, lower spending, and lower borrowing," said Mike Pence of Indiana, the No. 3 Republican in the House. "And it's going to be a budget that says, 'Here's how best to get America out of this struggling economy."'

Among the House GOP offerings: "Republicans seek to ensure that the federal budget cannot grow faster than families' ability to pay the bill."

Republicans also promise to try to lower capital gains taxes and give businesses employing fewer than 500 people a tax deduction equal to 20 percent of their income.

FOX News' Mosheh Oinounou and The Associated Press contributed to this report.