Paul Ryan won't rule out grand bargain for deficit reduction that involves new revenue

Putting himself at odds with his GOP presidential running mate, Rep. Paul Ryan this morning on “This Week” refused to tell me that he would reject a hypothetical debt reduction deal — composed of spending cuts and tax hikes by a ratio of ten to one – that Mitt Romney famously rejected during a presidential primary debate last year.

“You know, it depends on the quality of the agreement. It depends on the quality of the policy. Our negotiators in the super committee offered higher revenues through tax reform. John Boehner did as well. So George, what really matters to me is not ratios but what matters is the quality of the policy,” Ryan said…

“There’s no deal to walk away from. The point is, you’re not giving me a deal to look at. You’re giving me ratios,” Ryan said. “Here’s — let me say this. Our problem is not that we are overtaxed. We are overtaxed. Our problem is we spend too much money.”