One paragraph from the Post's article sums it up pretty well:
The proposal seeks to make permanent the tax cuts enacted in 2001 and 2003, costing the Treasury an additional $374 billion over five years. And it would slice nearly $96 billion over five years from Medicare and Medicaid, the government's health care programs for the poor and the elderly. The proposal would also cut spending at eight federal agencies -- including the education, environment and interior departments -- to below fiscal 2006 levels.
One word sums up my reaction pretty well: Oy!