President Barack Obama says a budget plan presented by House Republicans represents a "doubling down" on a failed economic policy.

In a speech before newspaper executives, Obama says a $3.5 trillion budget plan pushed by House Republicans is "so far to the right, it makes the `Contract with America' look like the `New Deal.'"

The president says the budget includes cuts so deep that it would hurt middle class families and stall the economic recovery. He notes that Republican presidential candidate Mitt Romney, his expected 2012 rival, has supported the plan, calling it "marvelous."

Ryan's plan aims to slash the deficit and reduce the size of government. It stands little chance in the Democratic-controlled Senate but has laid out the GOP's fiscal priorities.