Ryan: Fed plan a 'bailout'

OLDSMAR, Fla., Sept. 15 (UPI) -- U.S. Republican vice presidential nominee Paul Ryan said Saturday the Federal Reserve plan to buy mortgage-backed securities shows "we don't have a recovery."

Speaking at a campaign rally in Oldsmar, Fla., the Wisconsin congressman called the Fed policy "sugar high economics."

"We heard that the Federal Reserve is coming with a new bailout," Ryan said. "So the Federal Reserve is basically saying that we don't have a recovery. 'Obamanomics' didn't work."

The Fed policy announced Thursday is the third round of so-called quantitative easing, in which the central bank buys bonds -- but it differs from previous rounds in that Fed Chairman Ben Bernanke said it will remain in place until it produces satisfactory growth in employment, The Hill reported.

"We don't need synthetic money creation. We need economic growth. We want wealth creation," Ryan said at the campaign event. "We don't want to print money. We want opportunity and growth."

Danny Kanner, a spokesman for President Barack Obama's re-election campaign said Ryan "has no credibility when it comes to helping the middle class."

"The Romney-Ryan plan is to raise taxes on middle class families by cutting benefits like the mortgage interest deduction, the child tax credit, and the charitable deduction to pay for $250,000 tax cuts for multimillionaires like Mitt Romney," Kanner said.

The Romney-Ryan campaign confirmed Saturday former U.S. Solicitor General Ted Olson will stand in for Vice President Joe Biden in Ryan's preparation for a debate with Biden Oct. 11.

Ryan spokesman Brendan Buck said Olson "is one of the most skilled, intelligent and successful litigators in America -- just the kind of opponent needed to prepare the Congressman for Mr. Biden."