Chris Wallace asks Paul Ryan whether the new Obama budget is “dead on arrival,” and Ryan replies in his Fox News Sunday interview that he will have to see the full proposal first. According to White House leaks, however, Ryan assumed that the budget would contain “paltry” cuts followed by spending increases recast as “investments,” along with tax hikes to raise funds. “Borrowing and spending is not the way to prosperity,” Ryan warns, and blasts the President for failing to lead:

The budget proposal was pretty much as expected from the leaks, with the addition of previously-rejected tax hikes:

President Barack Obama’s budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are signaling they will be even less receptive.

The plan includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes. …

Obama’s $3.729 trillion budget proposal for fiscal 2012 shows the deficit rising to $1.645 trillion in fiscal 2011, then falling sharply to $1.101 trillion in 2012.

This trend would trim the deficit as a share of the U.S. economy to 3.2 percent by 2015 from 10.9 percent this year, and meet a pledge Obama made to his Group of 20 partners to halve the deficit by 2013. The news was well-timed, with G20 finance ministers meeting in Paris on Friday and Saturday.

In other words, we’re not going back to 2008 budgetary levels, but instead going back to somewhere between 2009 and 2010. These are basically symbolic cuts rather than any sea change in Beltway business.