There don't appear to be many major policy differences between Mitt Romney and Paul Ryan, but here are five worth noting:
1. Auto industry bailout. Ryan supported the bailout four years ago, while Romney opposed it. Ryan comes from a Wisconsin district that has been hit hard by the problems in the auto industry, and he joined just 31 other Republicans in voting for the bailout in December 2008, though he has since said he voted for it because he thought the money would be spent differently. Romney, at the time, wrote an op-ed article in which he opposed the bailout and advocated a "managed bankruptcy" for the industry. President Obama's campaign has made the recovery of the auto industry paramount to its appeals in the Midwest; so expect Democrats to point out the incongruity on the GOP ticket.
2. Abortion exceptions. Ryan opposes abortion under all circumstances unless it is deemed necessary to save the mother's life. Romney says he would allow exceptions for cases of rape and incest. Ryan is a sponsor of the Sanctity of Human Life Act, which defines a fertilized egg as a human being -- similar to recent "personhood" efforts in a handful of states. He won his seat in 1998 by running to his opponent's right on abortion and emphasizing no exceptions. Romney has suggested he supports legislation aimed at creating a constitutional amendment establishing personhood. Obama has made women's health a key part of his campaign. Perhaps more than anything else on this list, Democrats will try to use this issue against the GOP ticket
3. Capital gains tax cuts. Ryan has advocated the elimination of the capital gains tax, although his budget plan leaves tax reform up to the House Ways and Means Committee. Romney has moved to cut the capital gains tax without ending it. The question now is which approach the ticket embraces.
4. Gay adoption. Ryan has voted against allowing same-sex couples to adopt children, while Romney has said he is "fine" with such arrangements. Ryan's vote came in 1999, when the House was voting on whether to allow gay couples to adopt in the District of Columbia. Earlier this year, Romney said: "In my state, individuals of the same sex were able to adopt children. In my view, that's something that people have a right to do." Soon after, Romney clarified his remarks, noting that almost all states allow gay adoption.
5. Employment Non-Discrimination Act. Ryan in 2007 voted for the Employment Non-Discrimination Act, which would ban workplace discrimination based on sexual orientation; Romney has said that he thinks the matter is a state issue and that he doesn't support federal legislation. "I would not support at the federal level, and I changed in that regard because I think that policy makes more sense to be evaluated or to be implemented at the state level," Romney said in 2007. Don't expect to hear too much about this or the gay adoption issue in the campaign.