Ryan blasts Obama's budget

House Budget Committee Chairman Paul Ryan (R-Wis.) blasted the White House's $3.8 trillion budget request for failing to reduce deficits or rein in spending on entitlement programs. 

President Obama's fiscal 2013 proposal "is a recipe for a debt crisis" and fails to cut the deficit in half during his first term, a promise he made three years ago. 

"This budget does nothing to prevent the bankruptcy of critical programs, threatening the health and retirement security of current and future seniors," Ryan said in a statement. 

"Worse, it continues the president’s policy of letting an unaccountable board of bureaucrats cut Medicare in ways that will lead to denied care for seniors," he said. 

"The broken promises and recycled gimmicks contained in this budget have dramatically widened this president’s growing credibility deficit."

Ryan is working on his own budget proposal that is likely to look similar to his plan from last year, which was approved by the House but didn't go through the Senate. 

"As chairman of the House Budget Committee, I will continue to work with my colleagues — from both parties where possible — to advance bold solutions that lift our crushing burden of debt and ensure a future of opportunity, growth and prosperity," he said. 

Jeffrey Zients, acting director of the White House budget office, will testify before Ryan's panel on Wednesday, and Treasury Secretary Timothy Geithner will appear on Thursday to discuss the budget blueprint.