Background Memo: Paul Ryan's Budget Defense
Rep. Paul Ryan (R-Wis.), chairman of the U.S. House Committee on the Budget, will give a speech at the Economic Club in Chicago, Ill. today defending his controversial budget plan that would eliminate Medicare as it currently exists.
There is also increasing pressure on lawmakers to end the subsidies that large oil companies get from U.S. taxpayers as they consistently make billions in profits as Americans pay more than $4 a gallon for gasoline.
Rep. Ryan has benefitted significantly from both insurance companies and oil and gas companies during his time in Congress, according to Public Campaign analysis of data from the Center for Responsive Politics. Both sectors that would benefit from his budget as it stands now.
Insurance Interests
- During his time in Congress, Rep. Ryan has received $833,753 in campaign contributions from the employees and PACs of insurance companies. In the 2010 cycle alone, Ryan’s campaign and his leadership PAC received $317,602 in insurance industry money.
- Insurance giant BlueCross BlueShield has been one of Ryan’s biggest campaign contributors over the years, providing him with $48,650 in campaign contributions. As the New York Times reported this weekend, many of the country’s largest insurance companies, like BlueCross, are ratcheting up rates for consumers while raking in record profits.
- On May 2nd at a town hall meeting in his district, Ryan claimed to be unaware of the insurance interests donating to his campaign, but in the summer of 2010 he held two fundraisers in Washington, D.C. with lobbyists for insurance companies Humana and BlueCross.
Oil Companies
- Ryan has received $214,250 in campaign contributions from oil and gas interests during his time in Congress. In 2010 alone, Ryan and his leadership PAC received $61,500 from oil and gas interests.
- In 2010, Ryan and his leadership PAC received $20,000 from Koch Industries, a major energy company that benefits from taxpayer subsidies for oil companies.