By Mario Trujillo - 01/29/14 11:20 AM EST
Rep. Paul Ryan (R-Wis.) on Tuesday expressed confidence that Congress will raise the debt ceiling and prevent the U.S. government from defaulting on its payments.
The House Budget chairman reiterated that the full faith and credit of the country would not be put in jeopardy again as the country inches closer to its borrowing limit.
“I don’t think the full — no, it will not be in jeopardy again,” he said.
Ryan, however, urged President Obama to work with the GOP to reduce the debt, asserting that Congress already passed a budget agreement to avoid a government shutdown.
“That’s one of the reasons why we had a budget agreement, which prevented two possible shutdowns from occurring this year,” he said. “This is our concern with the president. His plan for jobs? Spend more money. His plan for taxes? Raise them. His plan to pay off the debt? He doesn’t have one. So at least work with us on something to reduce the debt.”
Treasury Secretary Jack Lew has urged Congress to increase the debt ceiling in early February, warning the United States may not be able to pay its bills by the end of the month.