In it, but not of it. TPM DC

NY-SEN Candidate Holds Fund-Raiser With Paul Ryan

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Newscom

Malpass and Ryan have been friends for years, Proud said. Malpass brought Ryan up to talk about -- no surprise here -- budget issues.

Malpass, the chief economist for Bear Stearns from 2001 until it collapsed in 2008, announced last week that he will challenge Sen. Kirsten Gillibrand (D-NY) for her seat. Malpass also worked in the Treasury Department and as a Congressional staffer during the Reagan and first Bush administrations.

Ryan, who is the ranking member of the budget committee, advocates partially privatizing Social Security and dismantling Medicare. He's also a supporter of the value-added tax, or a national sales tax.