The promise and peril of a colorful choice is exemplified by Mr. Ryan, who, as chairman of the House Budget Committee, has draftedbudget plans that cut taxes and spending and overhaul safety-net programs, making him a hero to conservatives.
Under EU law, the annual budget - drafted by the European Commission - must be agreed to both by the Parliament and the Council of Ministers, which represents national governments.
After passing a budget on Thursday that was drafted along with Brussels to include approximately 40 billion euros in austerity cuts, investors are betting that Spanish Prime Minister Mariano Rajoy will formally request a sovereign bailout over the coming weeks.