Near the top of the list of big national problems routinely cited by business executives are the U.S. budget deficit and the higher taxes they worry would be needed to cover the gap.

For that reason, Mitt Romney's tapping of Rep. Paul Ryan (R., Wis.) to be his running mate has sparked enthusiasm among many business owners and executives who were already leaning toward the Republican ticket.

Although Mr. Ryan is the No. 2, he is drawing outsize attention because he comes to the race with a raft of budget proposals to his name, many of which appear on the wish lists of America's business lobbies. The proposals include a revamp of the corporate tax code, lower income-tax rates for high earners and spending cuts that are more aggressive than those offered by President Barack Obama,