• With: Rep. Paul Ryan, R-Wis., vice presidential nominee

    CAVUTO: A lot of people do look at what's going on in Europe, congressman, and Mitt Romney -- I believe you had said so yourself -- that, if we're not careful, we could follow that path of what's going on in Greece and what's going on in Spain.

    But you said something interesting a couple of minutes ago, congressman. That is that by closing loopholes and special breaks and all that prevent some from paying any taxes at all, that that is a productive step forward.

    Many conservatives in your party -- a year ago, when I was in Washington, as we were haggling out this budget mess, they looked at that as a tax increase and wouldn't countenance it. Are you saying that they better countenance it now?

    RYAN: No, we're talking about revenue-neutral tax reform.

    Conservatives across the board, and many Democrats, by the way, Democrats from the mid-'80s who worked with Ronald Reagan, some Democrats recently have said, pro-growth tax reform. We're saying revenue-neutral tax reform, which says, in exchange for some loopholes, everybody gets lower tax rates.

    See that's what creates growth, Neil. By lowering the marginal income tax rate, you get a better return on your next dollar of investment, on your next dollar of work. This means middle-income families get higher take-home pay.

    This means they get to keep more of what they earn in the first place, without having to send their money to Washington. This means small businesses. Don't forget, Neil, eight out of 10 businesses in America file their taxes as individuals.

    This -- their tax rate's going above 40 percent in January according to President Obama's plans. That's where current law is going. Well, a lot of countries around the world are cutting their tax rates.

    The average tax rate on businesses in the world is 25 percent. Canada lowered theirs to 15 percent. And President Obama wants the top tax rate on successful small businesses to go above 40 percent in January.

    And that particular tax increase, Neil, it only pays for 8 percent of his proposed deficit spending. That's not a ticket to recovery. That's why we have the problems we have today.

    CAVUTO: Now, you brought that argument across forcefully, very clearly.

    The rap against the guy at the top of your ticket is that he has not. He's very smart, knows what he's doing, et cetera, but he lacks the passion. There are these stories -- I am sure you have heard them, Congressman -- that a number of GOP money guys and operatives have been saying, get Ryan out there, get him on the stump, get him going.

    Is that true? Is this part of an effort to showcase the passion of the ticket?

    RYAN: I do so many TV interviews, Neil. I've done over 100.

    Here's the deal. I am doing them with regional. I'm talking to Dayton TV, Cincinnati TV. I'm talking to Richmond TV. I'm talking to, Neil, various North Carolina TVs, Wisconsin TV, Colorado Springs yesterday, and Fort Collins yesterday talking directly...

    CAVUTO: Well, you mentioned Wisconsin. Are you troubled by the Wisconsin polls?

    And they're just polls. And you always remind me of that.


    RYAN: No, I'm really not.

    CAVUTO: But for a while, it looked like you could take that state. And this is just a snapshot of the moment, but trailing further in that state.

    RYAN: I don't actually believe the validity of that particular poll. I won't get into all the methodologies of that.

    CAVUTO: Right. Right.

    RYAN: Here's the deal. Here's the deal.

    We are going to give the country a choice. The country deserves to have a choice. And the choice we're offering is, do you want the traditional American idea of limited government, economic freedom, opportunity, upward mobility, and a government that lives within its means that embraces the private sector, pro-growth policies to get us out of malaise?

    Or do you want four more years of the same, more crony capitalism, more corporate welfare, more...


    CAVUTO: This strategy is nothing new for you, right, sir? In other words, we might be thinking this is part of Paul Ryan unleashed, but you've always been unleashed. Now we're paying attention.


    RYAN: Neil, I've been saying the same thing for years.


    RYAN: Mitt Romney asked me to join this ticket because I am who I am.

    You know me well enough to know that I'm not trying to be anybody other than who I am. And this is what we're offering the country, a very clear choice of two futures. We already know what Barack Obama's done.

    CAVUTO: Right.

    RYAN: We already know about his broken promises. We don't want four more years of this.

    We don't want four more years of 1.3 percent growth. For every person who got a job last month, four, nearly four of them stopped looking for a job. We can do better than this. And we're offering specific pro- growth solutions to get out of this malaise.


    CAVUTO: OK. I'm sorry, congressman.

    Switching gears very quickly, because I know you have to go to foreign policy. I know you've had now a security briefing. And I obviously don't expect you to reveal the details of that.

    RYAN: Right.

    CAVUTO: But Benjamin Netanyahu -- well, you could, by the way, but that's I guess separate.