House Budget Panel to Push Tax, Spending Cuts: Ryan

Rep. Paul Ryan (R-Wisc.), the incoming chairman of the House Budget Committee, told CNBC Wednesday that he would push for permanent lower tax rates, "real" spending cuts and entitlement reforms when Republicans take control of the House in January.

“Those are the things we need to do show the world and the credit markets that we are serious,” said Ryan, now a ranking member of the banking committee and a member of the bipartisan deficit-reduction commission, whose final plan he opposed last week.

“We want things to get on the right track," he added. "We owe it to the country to show them a different direction on fiscal policy, and that’s what we intend to do.”

Ryan said he favors permanent tax cuts, not simply a two-year extension of the Bush tax cuts, which President Obama agreed to in a compromise with Republicans this week. Ryan said he expects the plan to pass Congress eventually even though many Democrats oppose it.

They're in a “circular firing squad now," Ryan said. "They’re shooting at each other” because “they don’t like this deal.”

The congressman said it’s important to get the tax cuts approved before the end of the year, because, if not, it will “produce volatility” in the market.

He added that, under his leadership, the the budget comittee "will go in the other direction on fiscal policy" from the Democrats.