• With: Rep. Paul Ryan

    This is a rush transcript from "On the Record," March 29, 2012. This copy may not be in its final form and may be updated.

    GRETA VAN SUSTEREN, FOX NEWS HOST: A sharply divided House passes Congressman Paul Ryan's $3.5 trillion budget. As you probably guessed, the vote was mostly along party lines. And the burning question -- will the Senate now jump into action and take up the Ryan budget plan? Our thought: Don't hold your breath. The Senate hasn't passed a budget for three years.

    And we spoke with House Budget Committee Chair Paul Ryan earlier tonight.

    (BEGIN VIDEOTAPE)

    VAN SUSTEREN: Congressman, nice to see you, sir.

    REP. PAUL RYAN, R-WIS., HOUSE BUDGET COMMITTEE CHAIRMAN: Great to be back with you.

    VAN SUSTEREN: OK, today your budget, the Republican budget in the House, passed, right?

    RYAN: We did.

    VAN SUSTEREN: How did you do?

    RYAN: We did great. We did very good vote count. We're really happy with it.

    VAN SUSTEREN: Did you lose any Republicans?

    RYAN: We lost a few Republicans, but pretty much what we expected. We had an extremely good vote count, very unanimous, you know, party consensus, I would say. And we're really happy with the outcome.

    VAN SUSTEREN: Draw any Democrats?

    RYAN: No.

    VAN SUSTEREN: OK. All right, now, this is for what period of time, this new budget?

    RYAN: So every year, the Budget Act requires by April 15th the House and the Senate pass their budget. It's this year's budget and the budget lasts for 10 years. So it's your map of what the country should do fiscally for the next 10 years. And we update that vision every year. That's the way the Budget Act does -- it calls for. That's what we did. Unfortunately, the Senate, as you know -- they haven't done it for three years now.

    VAN SUSTEREN: So your budget will go over to the Senate, essentially, for the Senate to consider, and it's pretty much dead on arrival.

    RYAN: Yes. The way it's supposed to work is the House passes its budget and the Senate's supposed to pass theirs. And then we reconcile the differences and then bring that conference report back to the House and the Senate to pass jointly, and then proceed to implement it. But if any of those stages is disrupted, meaning they don't occur, then the entire process stops. No budget occurs.

    VAN SUSTEREN: OK. The president has a budget.

    RYAN: He does have a budget, and the law requires that he submits a budget. He did that.

    VAN SUSTEREN: So the only one who doesn't have the budget, the only one who's not playing, putting any cards on the table, is the Senate.

    RYAN: That's right. That's right.

    VAN SUSTEREN: Do you have any explanation for that?

    RYAN: No. They -- basically -- I don't think they want to show the country just the kind of taxes you would have to raise to implement their budget, to implement their vision.

    The president gave us a budget that has net spending increases. The president gave us a budget that has a $2 trillion tax increase. It never, ever, ever balances the budget. He chooses to completely ignore the drivers of our debt, which means we're going to have a debt crisis under the president's budget. And I don't think they want to follow suit with a similar budget because that just shows that all Democrats in Washington are supposedly complicit with the debt crisis.

    We see things differently. We think we're on the wrong track. We think the president is bringing us toward a debt crisis by not acting and taking responsibility for this problem. And so we're acting. We're passing a budget. We're showing the country specifically how we would fix this mess we are in fiscally, how we would grow the economy, reform the tax code, save Medicare, get spending under control and get our debt paid off.

    VAN SUSTEREN: At least, though, the president will, quote, "play." I mean, at least he has a budget so that you can negotiate and debate...

    RYAN: Right.

    VAN SUSTEREN: ... and can argue. The Senate has essentially almost a pocket veto. The Senate, by not having a...

    RYAN: That's right.

    VAN SUSTEREN: ... budget, actually stops any discussion, right?

    RYAN: Yes. So -- so the conversation we're having right now is the president's plan and the House Republicans' plan. There's not a third player in this, meaning the Senate Democrats. So all we have to look at is what the president has proposed for his budget, which is, you know, four years of budgeting, he's given us four budgets, four trillion-dollar deficits. And under the president's own budget, he shows the debt exploding.

    VAN SUSTEREN: But...

    RYAN: We're showing how the debt gets paid off.

    VAN SUSTEREN: All right, but -- but the give-and-take that we have in Washington is essentially stopped without the Senate...

    RYAN: That's right.

    VAN SUSTEREN: ... without (INAUDIBLE) So the Senate has stopped this. Do you think the president and the Senate are sort of on the same -- are they conspiring against you?

    RYAN: Well...