Tags: Ryan | S&P | downgrade | super | committee

Rep. Ryan: S&P Downgrade No Surprise

Sunday, 07 Aug 2011 11:13 AM

By Amy Woods

House Budget Committee Chairman Paul Ryan says S&P’s downgrading of the U.S. credit rating comes as no surprise and the “super committee” alone won’t be able to solve the nation’s economic woes. Ryan also said on “Fox News Sunday” that one of the answers to America’s fiscal crisis is fundamental tax reform.
“We more or less saw this coming because we are on the wrong fiscal path,” Ryan said about the S&P action.
The debt-reduction plan initially proposed by the Republicans would have prevented the downgrade from occurring in the first place, Ryan said, chastising Democrats for their unwillingness to reform entitlement programs — the primary debt drivers.
The Wisconsin Republican, however, conceded that the GOP hold some responsibility for S&P’s downgrade. "Both parties got us to where we are," Ryan said.
Ryan also said the answer is “fundamental tax reform to get us a tax system that’s internationally competitive and does not penalize businesses for making things in America and for hiring people.”
Ryan said he would, if asked, serve on the so-called super committee, which will be selected later this month, and will be charged with reducing the deficit by about $1.5 trillion during a 10-year period.
“It is not enough to fix this problem, but it is a down payment on the problem,” Ryan said, preferring to call the committee a select committee. “I think you need to change the leadership in Washington if you want to fix the problem.”
Ryan said raising taxes to supplement ever-increasing government spending is poor fiscal policy.
“The question really is . . . are we doing the things we need to do to get the spending line down, down to 2 percent of GDP?” Ryan asked. “It’s going to 4 percent of GDP by the time my kids are my age.”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

The 2016 'Book Race': GOP Candidates Like Ben Carson, Huckabee Sell Like Hotcakes

Friday, 30 Jan 2015 20:50 PM

If potential Republican presidential candidates' recent book sales are a strong indication of their electability, then B . . .

Smoke on Boston Train Scares Passengers Who Bust Out Windows to Escape

Friday, 30 Jan 2015 19:37 PM

A commute on Boston's Red Line Thursday morning turned into chaos as smoke filled the train and passengers broke out win . . .

Seth Jackson Sentence: Foster Dad Gets 32 Months in Hot Car Death

Friday, 30 Jan 2015 18:50 PM

Kansas foster dad Seth Jackson was sentenced to 32 months in prison Friday for the July death of a 10-month-old girl who . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved