Campaign 2010

May 15, 2011

FACT CHECK: Paul Ryan Falsely Claims Last Two Years Caused Debt Crisis

On CNN State of the Union today, Republican Budget Committee Chairman Paul Ryan (WI-01) falsely claimed that “The whole reason we are running into this debt limit so soon is because of the spending spree that's occurred over the last two years.”

 

The fact is that President Bush and the Republican Congress’ policies were responsible for $7 trillion in our debt – more than 4 times the impact of the of the last two years. Now, Chairman Paul Ryan and House Republicans passed a plan that would increase the debt $8 trillion in the next 10 years. The New York Times said, “The deficit is a serious problem, but the [House Republican budget] is not a serious answer.”

 

FACT CHECK

 

Washington Post: More Debt from Bush-era policies. “All told, Obama-era choices account for about $1.7 trillion in new debt, according to a separate Washington Post analysis of CBO data over the past decade. Bush-era policies, meanwhile, account for more than $7 trillion and are a major contributor to the trillion-dollar annual budget deficits that are dominating the political debate.” [Washington Post, 4/30/11]

 

Ryan Admitted Plan Added $8 Trillion to Debt . According to an initial analysis by the nonpartisan Congressional Budget Office (CBO), they found that by the end of the 10 year budget window, public debt would actually be higher. CBO projected under current law the debt would balloon to 67 percent of GDP by 2022; “under Ryan’s plan, the CBO expects it to rise to 70 percent.” Ryan had to reassure conservatives “disappointed that his plan still adds $8 trillion in debt while failing to balance the budget for at least two decades.” [Congressional Budget Office, 4/5/11; The Atlantic, 4/6/11; The Hill, 4/5/11]

 

EDITORIAL: GOP Budget isn’t a “Serious Answer” to the Deficit Problem. “The deficit is a serious problem, but the Ryan plan is not a serious answer.” [New York Times Editorial, 4/6/11]

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