Debt Ceiling Debate: Representative Paul Ryan on GOP's Fiscal Solution

Representative Paul Ryan (R-WI) and House Budget Committee Chairman emphasized the need for a comprehensive solution to the nation's debt crisis during an interview with Fox News Channel's "America's Newsroom" on June 1, 2011. The GOP meeting with President Obama aimed to address the out-of-control debt and deficit, which Ryan claimed would lead to tax increases and a debt crisis.

Key Takeaways:

• Representative Paul Ryan (R-WI) stated that the GOP's plan to cut spending is necessary to prevent a debt crisis and create jobs.
• The Republican Party proposed cutting more than a dollar's worth of spending for every dollar of debt limit increase, with Ryan citing a $6.2 trillion proposal in the GOP's budget.
• Ryan argued that the Democratic Party's "Obamacare" program would end Medicare as it is known, while the GOP's Medicare reform plan aimed to preserve the benefit for those above 55 and reform the program for future generations.
• Ryan's plan was compared to President Bill Clinton's commission to save Medicare, which also recommended a similar approach.
• The congressman expressed confidence in his party's position and rejected claims that some members were getting cold feet on the medicare reform plan.
• Ryan emphasized that the debt crisis was the biggest threat to the economy and that getting it under control was essential for job creation.

Statistics:

• $2 trillion debt limit increase needed, with Ryan proposing to cut more than $2 trillion in spending.
• $6.2 trillion proposed in the GOP's budget for cuts in spending.
• $1 trillion half trillion dollars taken from Medicare in "Obamacare" to fund other government programs.
• 15-member panel of unelected, unaccountable bureaucrats created to ration Medicare for current seniors.

Sources:

• Fox News Channel, "America's Newsroom", June 1, 2011
• Federal News Service, Inc., Press Release, June 1, 2011