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Ryan pushes spending cuts as U.S. hits debt limit

May 17, 2011

U.S. dipping into pensions as it hits debt limit

The remarks by Representative Paul Ryan, the top budget writer in the House of Representatives, underscored the divisions that Republicans and Democrats will have to overcome in order to raise the $14.3 trillion debt limit and avoid a default that would roil markets across the globe.

The Treasury Department said it was dipping into federal pension funds to pay the country’s bills, one of several emergency measures that should stave off a default until early August.

Congress is not expected to raise the debt cap until sometime this summer as lawmakers search for a deal that would allow them to back an increase while showing voters that they are taking steps to get debt under control.

Speaking to top financial executives at the Economic Club of Chicago, Ryan said any deal would have to include spending cuts that are larger than the amount of the debt-ceiling increase — a tougher stance than conditions that have been laid out previously by other party leaders.

And now… the rest of the story. …..

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