By hook or by crook, the Republican-controlled House will raise the federal debt ceiling before the government defaults on its debts. That's the word from Rep. Paul Ryan (R-WI), the House GOP's fiscal guru and chair of the House Budget Committee.
Ryan told Bloomberg's Peter Cook today while it may be a tough slog, in the end default will be avoided. The debt ceiling fight is expected to be some high drama, as tea party Republicans who have said they'll vote against any increase that doesn't come with deep budget cuts square off against a Democratic Senate and the White House which have warned that going to war over the debt could have disastrous consequences
Ryan said there may be fireworks, but in the end, default is not going to happen.
"I don't know if we're going to avoid a showdown," he said. "I think we will avoid a default."
Ryan said Republicans will push to have cuts included, but he said he "didn't dispute" the "consequences" defaulting on the debt could have, as spelled out by the White House.