That said, Ryan, despite having a fiscal plan, doesn't have at all a good fiscal plan, since it plans on slashing huge amounts of funding to a lot of lower income services, continuing the tax cuts to the wealthy when its becoming increasingly clear that trickle down economics just don't work, and not touching the incredibly bloated military budget, which tends to be the drain through which most of the nation's money flows right now.
While I dislike the size of the military budget, it is not true that the United States spends most of its money on military expenditures. For example, in 2010, Department of Defense spending came to 663 billion dollars, out of a total budget of 3.55 trillion. That's (military spending is) roughly one-fifth of the total budget, and while a sizable amount, not nearly as much a drain as the social programs (such as Medicare, Medicaid, and Social Security) are. Assuming that the pie chart on Wikipedia is correct (and it appears to be on light examination), welfare and entitlement programs and departments comprise roughly 60% of the United States's spending, and they are the biggest (and one of the likely to increase even more) drains on the treasury.
At the same time, revenue intake is declining, in part because of the recession, and in part because the U.S. government has created an atmosphere hostile to businesses unrelated to the banking industry or other powerful donors. In addition, despite the fact that the Federal Income Tax is fairly low for most people, the actual tax burden (Social Security taxes, Medicare taxes, etc, are not counted as income taxes) is much greater. Whether or not you view this as a good thing, it is true that many manufacturing and service industries can no longer afford to employ or operate in the U.S. The likely result is that Congress will increase the tax burden on individuals and businesses, as increasing the top marginal tax rates (taxing the rich) won't put more than a minor dent into the deficit. If they do, in a major way, this increased burden will likely decrease retirement savings, spending, and business activities, which will increase the loss of revenue and place greater burdens on the welfare and entitlement arms of the government.