Paul Ryan voted again and again and again for George W. Bush's budget-busting domestic programs and foreign wars. Then, after Obama was elected, Ryan became the ultimate deficit hawk.

His explanation: Never mind.

From Ryan Lizza's New Yorker article (which calls Ryan a longshot for the VP nomination):

Ryan was a reliable Republican vote for policies that were key in causing enormous federal budget deficits: sweeping tax cuts, a costly prescription-drug entitlement for Medicare, two wars, the multibillion-dollar bank-bailout legislation known as TARP. In all, five trillion dollars was added to the national debt. In 2006 and 2008, many of Ryan’s older Republican colleagues were thrown out of office as a result of lobbying scandals and overspending. Ryan told me recently that, as a fiscal conservative, he was “miserable during the last majority” and is determined “to do everything I can to make sure I don’t feel that misery again.”

Now, of course, journalism organizations obediently call him a fiscal conservative. Update: You can find a perfect example in the lede of AP's story today, calling Ryan a "devoted budget cutter."

What a hypocrite is, and what (standard) incompetence the journalism business in general is demonstrating. 
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