House Republicans have unveiled their alternative to the President and Democratic majority's budget. Congressman Paul Ryan (R-Janesville) claims their plan yields lower deficits where as the Democrats plan doubles the nation's debt in five years and triples it in ten
"We are going into an ocean of red ink in this country," says Ryan.
The GOP budget involves cutting corporate taxes to prevent companies from moving overseas. Ryan says we are in "a highly competitive 21st century global economy" in which the nation has a choice to lead or follow.
In a move to spur growth, the minority party proposes suspending the capital gains tax through 2010 and rejects cap and trade, in favor of domestic oil drilling.
The Janesville House member claims the Republican alternative would maintain benefits for Social Security and Medicare, along with reforming the systems.