America

GOP's Ryan On Budget Cutting: This Is 'A Defining Moment'

As Korva said earlier, there's "a high stakes budget meeting at the White House" this morning as President Obama and Congressional leaders from both parties sit down to see if they can prevent a government shutdown at midnight Friday by agreeing on a way to trim the federal deficit.

In the run-up to that budget summit, here's some reading if you're interested in the Republican Party's position on not just the annual back-and-forth over budgets but the long-term issue of the exploding federal debt as well:

It's an op-ed in today's Wall Street Journal by Rep. Paul Ryan (R-WI), the chairman of the House Budget Committee.

"This morning the new House Republican majority will introduce a budget that moves the debate from billions in spending cuts to trillions," Ryan writes. "America is facing a defining moment. The threat posed by our monumental debt will damage our country in profound ways, unless we act."

According to Ryan, the GOP's "Path to Prosperity" budget plan:

"Cuts $6.2 trillion in spending from the president's budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt. Our proposal brings federal spending to below 20% of gross domestic product (GDP), consistent with the postwar average, and reduces deficits by $4.4 trillion."

We'll post later on any news out of the White House meeting. And Frank will be exploring the budget battle over at It's All Politics.

Meanwhile, Politico says that "Republican leaders are preparing the House for a government shutdown" in case there's no agreement before the end of the day Friday.

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