Key Republican Says Companies Can't Bear New Taxes

WASHINGTON (AP) — The Republican chairman of the House Budget Committee says his party is vehemently opposed to tax increases because U.S. businesses have been put at a disadvantage with their foreign competitors.

Wisconsin's Rep. Paul Ryan tells CBS's "The Early Show" that "we are already taxing our job creators and our businesses more than our foreign competitors are taxing theirs."

Ryan says there should be over a dollar in spending cuts for every dollar in new borrowing authority.

Ryan says the United States must get its spending under control because the mounting federal debt "is a recurrent threat to our economy." He tells the network he believes a debt crisis is coming. Ryan says, "It's hitting not just our country but countries around the world. We want to get ahead of it."