Thompson Announces 'Restore' Economic Plan

With the Aug. 14 primaries less than three weeks away, Wisconsin GOP candidate for U.S. Senate and former Gov. Tommy Thompson announced an economic plan that his campaign says will ease regulations on businesses.

During a Madison press conference Monday, Thompson described the economy as "hamstrung by debt and regulation," and he described his five-point plan — called "Restore America" — that includes repealing the Affordable Care Act, following Rep. Paul Ryan's proposed budget and enacting tax reform.

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"We're all here today because we share a common concern and a common belief, our concern is that our nation is on the brink with a stagnant economy and unsustainable debt load, we're on a path we simply cannot continue," Thompson was quoted in a press release. "Yet our belief is that the brightest days for America can still be ahead of us if we have the courage to enact the right solutions."

Here's a breakdown of the proposed plan:

• Repealing the Affordable Care Act
• "Cap revenues and spending"
• Tax reform, including a 25 percent corporate rate, a flat tax option for individuals and a lower capital gains tax
• Energy independence
• Passing a budget in the Senate

"We have a choice to make in just under three weeks, and another one in November. I have both the plan for tomorrow and the experience putting our state back to work to get our country back on track," Thompson's statement read. "We need to get our economy moving, which starts with growing business and not government — lower taxes and less regulation."

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Thompson will face Eric Hovde, Mark Neumann and Jeff Fitzgerald in the Aug. 14 primary, and the winner will take on Democratic candidate Tammy Baldwin.

The most recent polling data in the race .