Obama 'Welcomes' Paul Ryan to Race

President calls GOP running mate "ideological leader" of GOP
3:00 | 08/12/12

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Transcript for Obama 'Welcomes' Paul Ryan to Race
There -- no quick fixes to our challenges. Everything we me to make things work here in America. We still have the best workers in the world. With no doubt about subject but -- world. We got the best colleges best university. The best science. The best researchers. -- -- young -- And we got the greatest diversity of talent and ingenuity from every corner of the globe witnessed this world. If -- Chicago as an example of what makes this country right. So what's holding us back. If not the lack of big ideas are good plans what's holding them back. In the brand Washington politics. That says we -- not gonna compromise. No matter what. It's gridlock and stalemate. And dysfunction. And it's -- -- -- The other side that somehow we're gonna grow this economy from the top down. And that. People at the top for doing really really well and everybody else dogmatic we're gonna -- That's that's got to talk about economics. Is central to. Governor Romney. And is central through -- is -- me just yesterday morning my. -- Jones is running mate. The ideological leader of the Republicans in congress mr. Paul Ryan I want to congratulate. -- -- I want to congratulate congressman Ryan I know him I welcome him. To the race. Congress -- congressman Ryan. If that event in the decent man he is a family man. -- is an articulate spokesman for governor Romney says. But it's a vision that I fundamentally disagree with. I. My opponent. And congressman Ryan and their allies in congress. They all believe that if we get rid of more regulations on big corporations. And we give more tax breaks to the wealthiest Americans. It will lead to jobs and prospered her body else that's what their proposed. That's where will -- -- if they win. And that's not speculation on the web sites. It's it's him embodied in the budget that the house Republicans voted for repeatedly. The centerpiece. Of governor Romney's entire economic point. -- -- -- five trillion dollar tax cut a lot of it going to the wealthiest Americans on top bush tax cuts. Last week we found out that. The paper this five trillion dollar tax cut not only would we see. Them -- education investments. Investments and science and reserve cut investments in. Things like rebuilding our roads -- our bridges. But it turns out. That governor Romney's tax plan would also raise tax on middle class families by an average of 2000 dollars each. -- -- -- -- Not create more jobs. -- -- Pentagon doesn't look better -- there's another governor Robert Plant that would create jobs right now. This -- all in order to. Another 250000. Dollar tax cut to people or make -- three million -- -- -- all. Let me tell you something they have tried this book all. They have tried to sell us this trickle down very -- appalled and guess what. Cut the deficit it's not a plan to create jobs it's not a plan to revive the middle class. It's not a -- -- our economy forward. We don't need more tax cuts for folks like me we need to get to actually. Working America. For -- or trying to raise their kids keep them helping them from the college rope over their heads. That's the choice in this election and that's why I'm running for a second -- problem. Okay.

This transcript has been automatically generated and may not be 100% accurate.

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