Ryan: "There is no Plan B ... Plan B is austerity"

House Budget Committee Paul Ryan Ryan painted a stark choice facing American voters fall. “If you keep the way these entitlements work in tact, with little changes here and there, and then more tax increases, you are just putting us on the European path to austerity,” Ryan said of an Obama second term.

“Those kinds of packages won’t succeed in preventing a debt crisis. We’ll pass one round of austerity, that won’t work, then the bond markets will get us, then we’ll do another round and another round, just like what Europe is going through now. We will have chosen to go on the path to decline and we’ll have a lost decade,” Ryan explained. “We see the president and his party are basically practicing lost decade economics,” he finished.