Presumptive Republican presidential nominee Mitt Romney’s budget would add $10.7 trillion to the debt and reduce federal revenues to just 15 percent of GDP, exploding the “prairie fire of debt” Romney warned the nation about in a speech last week in Iowa.
Romney isn’t the only one decrying the debt while ignoring that his budget would make it worse. House Budget Committee Chairman Paul Ryan (R-WI), in an appearance on Fox News this morning, made the laughable claim that a budget that explodes the debt will simultaneously prevent a debt crisis:
RYAN: More to the point, though, the kind of budget Mitt Romney is talking about is one that prevents a debt crisis.
Ryan praised Romney’s 20 percent, across-the-board tax cuts that are paid for, he claims, by closing loopholes that primarily benefit the wealthy. The only problem with that, of course, is that Romney hasn’t laid out such a plan, and even if he did, it wouldn’t make up enough revenue to avoid adding trillions to the national debt.
This isn’t anything new from Ryan. Though he paints himself as a very serious person who is trying to reduce the debt, he authored the House GOP’s radical budget plan, which manages to add to the debt despite cutting spending on programs that help the poor and middle classes because, like Romney, he gives away trillions in tax breaks to the wealthiest Americans.