Paul Ryan: We're at a Dangerous 'Tipping Point'

When President Obama addressed the economy in general and the deficit and debt in particular tonight, "some of his words were reassuring," said the GOP's Paul Ryan in his party's official response. (Full text here from CBS.) But that was about all the praise he could muster:

• "We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead."
• The president inherited big trouble, but "unfortunately, instead of restoring the fundamentals of economic growth, he engaged in a stimulus spending spree that not only failed to deliver on its promise to create jobs, but also plunged us even deeper into debt." And the health care law made things worse.

These policies have put the country "at a tipping point," said Ryan. "We are at a moment, where if government's growth is left unchecked and unchallenged, America's best century will be considered our past century." What happened in Greece, Ireland, and elsewhere will happen here unless we return to "our American system of limited government, low taxes, reasonable regulations, and sound money." (More Paul Ryan stories.)