GOP to Offer Plan to Cut Entitlements: Rep. Ryan

Rep. Ryan Paul from Wisconsin
Rep. Ryan Paul from Wisconsin

Republicans will present a plan to Congress next month to deal with the deficit by cutting entitlements, Rep. Paul Ryan, (R-Wisc.), chairman of the House Budget Committee, told CNBC Wednesday.

“We have to deal with the drivers of our debt. The drivers of our debt are entitlement programs,” said Ryan, who didn't say what the GOP would what propose. “There's no two ways about it. You can't escape that math.”

Ryan criticized President Obama’s effort to curb the deficit.

“What's disappointing to us is that the president, even after having a fiscal commission to deal with this [debt], punted on the issue, disavowed his fiscal commission and didn't propose a single reform to get this deficit and debt under control,” Ryan said.

“We’re courting a debt crisis,” he added. “The credit markets don't think America is going to get its fiscal act together. They won’t give us time to fix our mess.”