Delivering the Republicans' weekly media address, Rep. Paul Ryan of Wisconsin said the budget plan he has developed "lets Washington spend only what it takes in," The Hill reported.
"This is how every family tries to live, in good times and in bad," he added. "Your government should do the same."
Ryan's plan would balance the budget in 10 years by cutting spending, eliminating tax loopholes and lowering tax rates across the board. It would cut Medicare and other entitlements and repeal the healthcare reform law sought by President Obama and approved by Congress.
He said his plan would "cut red tape and give states flexibility on how to implement their federal welfare programs."
Tax increases included in a proposal by Sen. Patty Murray, D-Wash., would only "fuel more spending," he said.
"We know where this path leads," the GOP's 2012 vice presidential nominee said. "Straight into a debt crisis, and along the way, fewer jobs, fewer opportunities and less security."
Evoking the bipartisan efforts of former President Bill Clinton, Ryan called on Obama to work with Republican members of Congress to balance the budget.