Ryan charged that while both parties have engaged in “a new amount of crony capitalism and corporate welfare,” Obama taken it to a whole new level.

“We want to get Washington out of the business of picking winners and losers,” Ryan said. “We want entrepreneurs to have the barries removed from in front of them so that people can work hard to succeed. We want to turn the American idea back on.”

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Schieffer said many voters feel that playing by the rules won’t be enough to get them ahead anymore and that the wealthiest Americans often enjoy lower tax rates.

“What we’re saying is take away the tax shelters that are uniquely enjoyed by people in the top tax brackets so they can’t shelter as much money from taxation, should lower tax rates for everybody to make America more competitive,” Ryan said.

“We want a system of upward mobility, and what we think we need to do is bring fairness back to the system of getting government bureaucracy and political clout of the system. Those are the kinds of reforms we’ve been talking about,” the Wisconsin Republican added.

Meanwhile, Ryan explained in response to a question from Schieffer that he is running for re-election to his congressional seat at the same time he’s campaigning for vice president because he had already filed the paperwork in June. “I’m already on the ballot” for Congress, he said. “You can’t even go off the ballot, so I’ve already filed.”

Romney said that he’d partly rely on Ryan to help him pass legislation, drawing on Ryan’s 14 years of experience on the Hill. “There are a lot of people who go to Washington or go to their Statehouse with a personal ambition in mind,” Romney said. “He has gone to Washington with, with a passion for making a difference.”

And Romney said Ryan’s reputation as a “policy guy” was another aspect that worked in his favor. “This is a man who’s also very analytical. He’s a policy guy. People know him as a policy guy. That’s one of the reasons he has such respect on both sides of the aisle. I’m a policy guy, believe it or not. I love policy. I love solving tough problems,” Romney said.

Romney reiterated that Ryan’s controversial budget proposal was not Romney’s plan. “I have my budget plan as you know that I’ve put out. And that’s the budget plan that we’re going to run on,” Romney said.

Ryan, a seven-term Republican, told Schieffer that the partisan gridlock in Congress “is the worst that I’ve seen it in 14 years” but that he thinks he and Romney can fix it.

When asked about whether his family was ready for the national spotlight, Ryan answered: “Well, we’ve dedicated much of our lives to saving this country, to public service…It is going to change our life, but we really think that this a moment in the country that needs leadership. And we really think that we can make a big difference and get our country back on track.”