Updated 10:21 p.m.
Wisconsin Rep. Paul Ryan has released his response to President Obama's State of the Union address. Ryan's remarks, as prepared for delivery:
Good evening. I'm Congressman Paul Ryan from Janesville, Wisconsin - and Chairman here at the House Budget Committee.
President Obama just addressed a Congressional chamber filled with many new faces. One face we did not see tonight was that of our friend and colleague, Congresswoman Gabrielle Giffords of Arizona. We all miss Gabby and her cheerful spirit; and we are praying for her return to the House Chamber.
Earlier this month, President Obama spoke movingly at a memorial event for the six people who died on that violent morning in Tucson. Still, there are no words that can lift the sorrow that now engulfs the families and friends of the fallen.
What we can do is assure them that the nation is praying for them; that, in the words of the Psalmist, the Lord heals the broken hearted and binds up their wounds; and that over time grace will replace grief.
As Gabby continues to make encouraging progress, we must keep her and the others in our thoughts as we attend to the work now before us.
Tonight, the President focused a lot of attention on our economy in general - and on our deficit and debt in particular.
He was right to do so, and some of his words were reassuring. As Chairman of the House Budget Committee, I assure you that we want to work with the President to restrain federal spending.
In one of our first acts in the new majority, House Republicans voted to cut Congress's own budget. And just today, the House voted to restore the spending discipline that Washington sorely needs.
The reason is simple.
A few years ago, reducing spending was important. Today, it's imperative. Here's why.
We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead.
On this current path, when my three children - who are now 6, 7, and 8 years old - are raising their own children, the Federal government will double in size, and so will the taxes they pay.
No economy can sustain such high levels of debt and taxation. The next generation will inherit a stagnant economy and a diminished country.
Frankly, it's one of my greatest concerns as a parent - and I know many of you feel the same way.
Our debt is the product of acts by many presidents and many Congresses over many years. No one person or party is responsible for it.
There is no doubt the President came into office facing a severe fiscal and economic situation.
Unfortunately, instead of restoring the fundamentals of economic growth, he engaged in a stimulus spending spree that not only failed to deliver on its promise to create jobs, but also plunged us even deeper into debt.
The facts are clear: Since taking office, President Obama has signed into law spending increases of nearly 25% for domestic government agencies - an 84% increase when you include the failed stimulus.
All of this new government spending was sold as "investment." Yet after two years, the unemployment rate remains above 9% and government has added over $3 trillion to our debt.
Then the President and his party made matters even worse, by creating a new open-ended health care entitlement.
What we already know about the President's health care law is this: Costs are going up, premiums are rising, and millions of people will lose the coverage they currently have. Job creation is being stifled by all of its taxes, penalties, mandates and fees.
Businesses and unions from around the country are asking the Obama Administration for waivers from the mandates. Washington should not be in the business of picking winners and losers. The President mentioned the need for regulatory reform to ease the burden on American businesses. We agree - and we think his health care law would be a great place to start.
Last week, House Republicans voted for a full repeal of this law, as we pledged to do, and we will work to replace it with fiscally responsible, patient-centered reforms that actually reduce costs and expand coverage.
Health care spending is driving the explosive growth of our debt. And the President's law is accelerating our country toward bankruptcy.
Our debt is out of control. What was a fiscal challenge is now a fiscal crisis.
We cannot deny it; instead we must, as Americans, confront it responsibly.
And that is exactly what Republicans pledge to do.
Americans are skeptical of both political parties, and that skepticism is justified - especially when it comes to spending. So hold all of us accountable.
In this very room, the House will produce, debate, and advance a budget. Last year - in an unprecedented failure - Congress chose not to pass, or even propose a budget. The spending spree continued unchecked.
We owe you a better choice and a different vision.
Our forthcoming budget is our obligation to you - to show you how we intend to do things differently ... how we will cut spending to get the debt down... help create jobs and prosperity ... and reform government programs. If we act soon, and if we act responsibly, people in and near retirement will be protected.