Ryan chided President Obama for his strategy of tax hikes coupled with spending cuts and said deficit reduction would be better served by reduced spending.
"The president and his party leaders are now insisting that Washington take trillions of dollars from hardworking Americans in an effort to lock in ever-higher government spending," said Ryan, chairman of the House Budget Committee. "If we've learned anything over the last three years, it's that this approach won't work."
Ryan pitched the spending plan he and his Republican colleagues had crafted in the House as a means of reducing debt without placing any additional tax burdens on individuals and businesses.
"If enacted, this budget would promote economic growth and opportunity starting today, with bold reforms to the tax code and a credible, principled plan to prevent a debt crisis from ever happening," Ryan declared.
Democrats have accused Republicans of being mainly concerned with sacrificing social programs to provide the wealthy additional tax breaks; however, Ryan said all Americans would benefit in the form of lower energy costs and a shored-up Medicare, The Hill said.
"The president is hunkered down in campaign mode and seems intent on dividing Americans for political gain instead of offering credible solutions to our most pressing fiscal and economic challenges," Ryan said.
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