As reported by Bloomberg’s Silla Brush and Mike Riley:
“I think there will be a deal. It will probably take a while,” Representative Paul Ryan, a Wisconsin Republican, said on NBC’s “Meet the Press” program. “We have to August.”
“Nobody wants default to happen, but at the same time we don’t want to rubber stamp just a debt-limit increase that shows we’re not getting our situation under control,” Ryan said.
Ryan defended a Republican budget plan that would cut spending by more than $6 trillion over a decade and privatize Medicare. The proposal would replace the traditional Medicare health-care system for the elderly with subsidies to buy private insurance starting with people who turn 65 in 2022.
“You cannot deal with this debt crisis unless you’re serious about entitlement reform,” Ryan said.
The plan passed the House of Representatives on April 15 on a 235-193 vote.