(WASHINGTON) -- Rep. Paul Ryan agreed with Secretary Tim Geithner that defaulting on our debt would be "catastrophic," but Ryan needs spending reform attached to that vote -- something he says the president will address Wednesday.
“Default is not our option or strategy but we also want to make sure that...as this debt limit increases, which is based on past spending, we get something in place to address future spending and that’s the kind of stuff we’re talking about. Spending cuts, spending control,” he told Good Morning America.
And if those cuts are not attached will he vote to raise the debt limit?
“I don’t accept a notion that that’s not possible. I think it is and the president is probably going to be talking about that today,” Ryan said.
Ryan did not spell out what it would take to avoid default.
The chairman of the House Budget Committee said he’s looking forward to hearing what the President has to say Wednesday -- except for any talk about new taxes.
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