Did Rep. Paul Ryan Just Inject Hope Back Into Debt Ceiling Crisis?
Rep. Paul Ryan (R-WI) has jumped into the fray, finally.
In an op-ed in today's Wall Street Journal Ryan, who is chairman of the House Budget Committee, proposed a way out of the debt ceiling stalemate that has overwhelmed Washington and worried Wall Street.
Related: Debt Ceiling Debate: Does Wall Street Believe the U.S. Could Default?
Ryan asserts: "If Mr. Obama decides to talk, he'll find that we actually agree on some things. For example, most of us agree that gradual, structural reforms are better than sudden, arbitrary cuts. For my Democratic colleagues, the discretionary spending levels in the Budget Control Act are a major concern. And the truth is, there's a better way to cut spending. We could provide relief from the discretionary spending levels in the Budget Control Act in exchange for structural reforms to entitlement programs."
The Daily Ticker's Aaron Task asks Lauren Lyster: "Whether you agree with him or not, he's talking about policies and programs and things we should change as opposed to 'it's your fault, it's your fault' -- and this is what the American people want, isn't it?"
Related: Here's How to Bypass the Debt Limit
Yes and no, says Lyster. "Now we're not even talking about Obamacare, we're talking about grand sweeping policy changes that they have not been able to agree on even in better times." Hard-line conservatives aren't happy that Ryan didn't refer to Obamacare once in his piece. Our favorite anti-Ryan tweet from this morning comes from Sen. Ted Cruz's speechwriter Amanda Carpenter: "There is one big word missing from this op-ed. It's (sic) start with an O and ends with BAMACARE."
We'll see how Democrats react to Ryan's proposal. President Obama is inviting congressional Democrats to the White House later today. And Politico cites sources who say Obama will also invite House and Senate Republicans to 1600 Pennsylvania Ave.
Watch the video above to see whether Wall Street should be tasked with scaring Washington into a solution before it's too late.
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