Jan. 6 (Bloomberg) -- House Budget Committee Chairman Paul Ryan, a Wisconsin Republican, talks about U.S. government spending and the debt ceiling. Treasury Secretary Timothy F. Geithner says lawmakers must raise the federal borrowing limit in the first quarter of 2011 or risk a default on U.S. debt and a loss of access to global credit markets. Ryan talks with Peter Cook on Bloomberg Television's "Bottom Line." Bloomberg's Mark Crumpton also speaks. (Source: Bloomberg)
Congressman Paul Ryan, the Budget Committee chairman in the U.S. House of Representatives, said Republicans don’t intend to save states from debt defaults.
“We are not interested in a bailout,” the Republican from Wisconsin said yesterday in Washington. Ryan said some states are “already telling us” that, when asked how he would respond if he was told one was in danger of defaulting.
U.S. states face a combined $140 billion in deficits in the next fiscal year, the Washington-based Center on Budget and Policy Priorities said Dec. 16. State tax collections remain below pre-recession levels, according to the Nelson A. Rockefeller Institute of Government in Albany, New York. No state has defaulted on its debt since Arkansas did in 1933. READ MORE
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