Ryan: Budget update shows Obama failed

House Budget Committee Chairman Paul Ryan (R-Wis.) blasted the White House over its mid-year budget update on Thursday, and said it shows President Obama has failed to create jobs or address the budget deficit.

“By its own admission, the Obama Administration’s record on job creation and fiscal responsibility is abysmal. Today’s report confirms that the President’s policies have failed to deliver on his promises of job creation, deficit reduction, and much-needed economic growth. Since taking office, the President’s policies have made a difficult situation worse,” he said in a statement.

Ryan noted that Obama administration promised the $870 billion stimulus package that passed in 2009 would keep unemployment below 8 percent.

“Today’s report estimates that the unemployment rate — despite assumptions of stronger economic growth — will remain above 8% through the end of the President’s term in office,” he said.

The review, when recent economic turmoil is factored in, sees unemployment at 9 percent in 2012.

Ryan also notes that Obama promised to cut the deficit in half; this year it will remain above $1.3 trillion, according to the latest report.

Ryan’s office and staffers for Sen. Jeff Sessions (R-Ala.) argue that Obama should have detailed his plans for the debt supercommittee or fleshed out his April debt grand bargain outline in the mid-session review.

“The White House’s decision to once again withhold crucial budget details from the press and public further demonstrates that, underneath all the rhetoric, no real plan exists," Sessions spokesman Stephen Miller said.

The White House said the review is not meant to be a vehicle for new broad policy, however, and that more deficit ideas are coming this month.

Budget Committee ranking member Chris Van Hollen (D-Md.) said the numbers show that the economy needs further stimulus now and that the new debt supercommittee needs to focus on jobs.

“OMB’s Mid-Session Review is yet another reminder that the Joint Committee must focus on job creation as we work on a blueprint to reduce the long-term deficit,” he said.

Senate Budget Committee Chairman Kent Conrad (D-N.D.) said the review shows that the supercommittee’s mandate to find $1.5 trillion in deficit cuts does not go far enough.

“It is my hope the committee exceeds its $1.5 trillion target. In order to stabilize the federal debt and begin to bring it down as a share of the economy, we need to achieve roughly $4 trillion in total deficit reduction over the next 10 years,” he said.

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