President Barack Obama went on the offensive today, saying a budget plan presented by House Republicans represents a "doubling down" on a failed economic policy.
In a speech before newspaper executives, Obama says a $3.5 trillion budget plan pushed by House Republicans is "so far to the right, it makes the Contract with America look like the New Deal."
The president says the budget includes cuts so deep that it would hurt middle class families and stall the economic recovery. He notes that Republican presidential candidate Mitt Romney, his expected 2012 rival, has supported the plan, calling it "marvelous."
Ryan's plan aims to slash the deficit and reduce the size of government. It stands little chance in the Democratic-controlled Senate but has laid out the GOP's fiscal priorities.
Ed will have extended coverage of the president's speech tonight on The Ed Show at 8pET on MSNBC. Ed will check in with Maryland Gov. Martin O'Malley, MSNBC analysts Eugene Robinson, Steve Schmidt and Richard Wolffe.
And MSNBC Policy Analyst Ezra Klein points out in some detail how the Ryan plan is a reverse Robin Hood deal. Check out this revealing chart:
