In it, but not of it. TPM DC
Ryan was referring to legislation House Republicans passed earlier this year to avert sequestration -- the penalty Congress imposed on itself, on a bipartisan basis, for not reaching an agreement on more targeted legislation to reduce the deficit. Sequestration will cause deep, abrupt cuts to both defense and non-defense programs starting early next year, and for the next 10 years, unless Congress overturns it or replaces it with other savings.
A number of high-ranking Democrats and Republicans have concluded that the election will determine how Congress avoids both the sequester and the impact of the expiring Bush tax cuts. Ryan says if Romney wins they'll advance the GOP's plan and use the budget process to avoid a Democratic filibuster.