Video: House Budget chair: Nobody wants default
Transcript of: House Budget chair: Nobody wants default
MR. GREGORY: All right. Before you go, what about the debt ceiling negotiations? Do you think they'll be a deal, or will this go down to the wire ?
REP. RYAN: Well, first of all, I think there will be a deal, and it'll probably take a while. Look, we have till August. It's May right now. This is going to take time. Our position's really simple. For every dollar the president wants to raise the debt limit, we're saying let's cut more than a dollar's worth of spending. He's asked for a $2 trillion increase in the debt limit, we've laid out $6.2 trillion in spending cuts. So we can show the president plenty of ways and areas to cut more than a dollar's worth of spending and it's very important for the credit markets, for our economy to show that we're going to get this situation under control, that we're going to get the debt stabilized and get spending under control, as we deal with this debt limit. Nobody wants default to happen, but at the same time, we don't want to rubber stamp just the debt limit increase that shows we're not getting our situation under control.