U.S. Debt Limit Increase Agreement May Take Until August, Ryan Tells NBC

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Representative Paul Ryan

As reported by Bloomberg’s Silla Brush and Mike Riley:

A congressional agreement to increase the U.S. debt limit and reduce federal spending may take until August, the Republican chairman of the U.S. House Budget Committee said.

“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.”

The U.S. Treasury Department has said Congress must raise the $14.3 trillion debt ceiling by Aug. 2 to avoid the government defaulting on its loans.

“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.

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