"We already had a tax increase. We think it's unfair to ask hardworking taxpayers to pay more so Washington can spend more."
- Paul Ryan, current chairman of the House Budget Committee
A compromise on taxes and spending between Democrats and Republicans is still possible, thinks Republican representative Paul Ryan. However, his own soon-to-be-unveiled budget plan to balance the budget within 10 years is likely to be rejected by President Barack Obama. Ryan's plan on how to tame the growth of the $16.7 trillion federal debt includes $5 trillion spending cuts and partial privatization of Medicare health plan for retirees. The plan is widely expected to win approval in the Republican-controlled House, however, it would face opposition in the Democratic-controlled Senate. While the world's largest economy is facing $85 billion in domestic spending cuts this year and $1.2 trillion over the next decade, President Barack Obama and congressional Republicans are still refusing to concede any share of the blame for failing to prevent these cuts.
"There are things that we can do that don't offend either party's philosophy, that doesn't require someone to surrender their principles, that make a good down payment on getting this debt and deficit under control," Paul Ryan, current chairman of the House Budget Committee and the Republican Party nominee for Vice President of the United States in the 2012 election, said on Fox News Sunday.
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