Paul Ryan: Obama Budget Will Increase National Debt By 76%
Making an appearance on “Fox News Sunday,” House Budget Committee Chairman Paul Ryan discussed federal budget planning. He defended Mitt Romney’s tenure at Bain Capital and compared that with President Obama “gambling with taxpayer money” on green companies such as Solyndra. Bain Capital, on the other hand, invested private money and not public dollars.
“We don’t think the government should be in the position of picking winners and losers in the economy, which is the result of the president’s economics,” Ryan said. He went on further to argue that Obama’s schemes amount to “crony capitalism” and “corporate welfare” and are stifling economic growth.
Ryan explained that the GOP plan will increase revenues by plugging tax loopholes and will address the debt crisis by overhauling Medicare and Social Security. “The kind of budget that Mitt Romney’s talking about is one to prevent a debt crisis, save Medicare and Social Security from going bankrupt,” Ryan offered. “Unfortunately, the president’s budget does none of that.”
Ryan also said that the Obama budget plan would increase the national debt by an astounding 76%. “If we just did nothing, the debt would go up 78 percent,” he said. “This is not leadership. It’s economic stagnation. The president has punted. We’re going to lead.”