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Obama camp blasts Ryan; GOP hails "comeback team"

Updated 1 p.m. ET

(CBS News) On the heels of Mitt Romney's Saturday announcement that he is tapping Wisconsin Rep. Paul Ryan to be his vice presidential running mate, both parties found reason to be excited: Democrats wasted no time in lambasting Ryan for his "radical" ideas, while Republicans hailed the choice as inspired and exciting.

In a flurry of statements and videos released before the announcement festivities were even complete, the Obama campaign seized on Ryan's 2010 budget plan, a controversial proposal that would have overhauled the nation's Medicare system, and which gave even some prominent Republicans pause. (Newt Gingrich delivered some of the more memorable criticism.)

"In naming Congressman Paul Ryan, Mitt Romney has chosen a leader of the House Republicans who shares his commitment to the flawed theory that new budget-busting tax cuts for the wealthy, while placing greater burdens on the middle class and seniors, will somehow deliver a stronger economy," said Obama campaign manager Jim Messina in a statement. "The architect of the radical Republican House budget, Ryan, like Romney, proposed an additional $250,000 tax cut for millionaires, and deep cuts in education from Head Start to college aid. His plan also would end Medicare as we know it by turning it into a voucher system, shifting thousands of dollars in health care costs to seniors."

The campaign, which has had months to prepare for Romney's decision, was ready with a both new video and a web page, which branded the duo as "The Go Back team." 

"What you need to know right now: This election is about values, and today Romney doubled down on his commitment to take our country back to the failed policies of the past," said Messina in a separate email to supporters released shortly after the decision was formally announced. "Our job is to make sure Americans know the truth about what Romney's choice says about him as a candidate and leader."

Unlike several of the Republicans thought to have been on Romney's VP short-list, Ryan is viewed as a bold but risky choice for the GOP ticket; his unapologetic support for controversial, budget-slashing policies gives Romney's conservative credentials a boost, but also provides Democrats with immediate ammunition for criticism.

His budget, particularly, is thought to be potentially dangerous for Romney, and the campaign is suggesting that the candidate does not fully support it. That won't stop Democrats from using it against him, however, especially given the fact that he has stated his support for the budget in the past.

Republicans, meanwhile, are hailing Ryan as an intellectual leader and an inspired choice who could help gin up enthusiasm among the conservative base.

If fundraising is any measure of enthusiasm, then numbers released by the Romney campaign show his supporters are thrilled. Romney spokeswoman Andrea Saul wrote on Twitter that his campaign has taken in $1.2 million in the first four hours since the Ryan announcement.

"The Romney-Ryan ticket is going to win in November because it offers the American people visionary leadership to recapture the free enterprise spirit that has empowered countless Americans to build businesses from scratch and live the American dream," added Marco Rubio, himself thought to be a contender for the VP job. "I'm excited about the visionary change a Romney-Ryan team will bring to Washington, and I look forward to campaigning with them this fall."

On CNN, House Majority Leader Eric Cantor, R-Va., called Ryan a "real leader for the future" and dismissed the notion that he is too inexperienced for the job.

"He has been a thorough, diligent worker. No one knows the budget better than Paul," Cantor said.

Rupert Murdoch, the conservative media mogul who has been critical of Romney in the past, expressed a level of excitement over the GOP ticket that has so far been in somewhat short supply with regard to Romney's candidacy:

"Thank God! Now we might have a real election on the great issues of the day. Paul Ryan almost perfect choice," he wrote on Twitter.

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