Ryan cautions against 'feel-good' tax rebate

With the economy on the brink and incumbents in Congress scrambling to fix things before the fall elections, Rep. Paul Ryan is emerging as a voice of reason.

Ryan, the ranking Republican on the House Budget Committee, is openly skeptical of plans for a tax rebate designed to stimulate the economy.

Here's how Reuters reports it:

Rep. Paul Ryan of Wisconsin, the senior Republican on the House Budget Committee, renewed his call for maintaining low tax rates, keeping government spending under control and addressing long-term budget problems, such as reforming costly retirement and health care programs for the poor and elderly.

As for the economic stimulus legislation moving rapidly through Congress, Ryan said, "I am concerned that, in our rush to 'help,' we talk ourselves into a quick, feel-good hit today that will leave us with a bigger budgetary hangover tomorrow."

And the Associated Press:

"I am concerned that, in our rush to help, we will talk ourselves into a quick, feel-good hit today that will leave us with a bigger budgetary hangover tomorrow," said Rep. Paul Ryan of Wisconsin, top Republican on the Budget panel. "We simply cannot spend our way to prosperity ... (and) use the excuse of fiscal stimulus to push through a wish list of new spending, further worsening our budget outlook and our nation's economic future."

Whether or not Ryan's party will listen is another question. The party is meeting tomorrow to talk strategy, which may include a $150 billion tax rebate over Ryan's concerns.