Romney's plan would reduce taxes by $5 trillion and increase defense spending by $2 trillion, CBS News reported. Ryan said to do so, the country would need revenue-neutral tax reform.
"Meaning not losing revenue, but changing the way we raise revenue by plugging loopholes and tax shelters that are uniquely enjoyed by higher income earners, so that more of their income is subject to taxation. So that we can lower tax rates for everybody: Families, small businesses, get the economic growth and job creation," Ryan said in an interview on CBS' "Face the Nation."
Ryan, though, refused to get into specifics when ABC's "This Week" host George Stephanopoulos asked him to reveal prior to the November election which tax loopholes he and Romney are willing to close.
Ryan said he didn't want to get into specifics because he and Romney "want to have this debate with Congress. And we want to do this with the consent of the elected representatives of the people, and figure out what loopholes should stay or go and who should or should not get them."