The field of potential Republican presidential candidates offered praise Tuesday for Rep. Paul Ryan's (R-Wis.) 2012 budget.

Four potential candidates commended the House Budget Committee chairman for his proposal, which would cut $5.8 trillion from the budget over the next decade and proposes significant changes to Medicare and Medicaid.

Former Massachusetts Gov. Mitt Romney (R), the presumptive frontrunner, said that he is "on the same page" as Ryan.

"I applaud Rep. Paul Ryan for recognizing the looming financial crisis that faces our nation and for the creative and bold thinking that he brings to the debate," he said in a statement.

Ryan's budget is expected to set the tone for  the GOP's position on fiscal issues for the rest of this year, and will likely come up in GOP debates.

"It will become the 2012 Republican platform, no matter who is the nominee," New York Times columnist David Brooks wrote Monday.

Former Sen. Rick Santorum (R-Pa.) was one of the few potential candidates to comment on the specifics of the proposal, saying that the Ryan's Medicare prescription is "right on target."

While former Minnesota Gov. Tim Pawlenty (R) praised Ryan for "offering real leadership in Washington," he said that the debate over raising the debt limit should take precedence.

"While the budget is going to be debated for several months to come, the more immediate issue we face is President Obama’s plans to raise the debt ceiling next month," he said. "That's a really bad idea."

Former Alaska Gov. Sarah Palin (R) took to Twitter to offer her endorsement.

"There is hope! Serious & necessary leadership rolls out serious & necessary reform proposal. Good start" she wrote.

Mississippi Gov. Haley Barbour (R) also chimed in on the microblogging network, saying, "Rep. Ryan's budget recognizes the problem with government: Too much spending without fiscal responsibility."

And Indiana Gov. Mitch Daniels (Ind.) called Ryan's plan "the first serious proposal produced by either party to deal with the overriding issue of our time."

"Anyone criticizing this plan without offering a specific and equally bold program of his own has failed in the public duty to be honest and clear with Americans about the gravest danger we are facing together," he added.

—Michael O'Brien and Shane D'Aprile contributed.

--This story was last updated at 4:12 p.m.