Senator Chuck Schumer (D-N.Y.) has accused Republican lawmakers of "playing with fire" by threatening not to pass a budget or raise the debt ceiling unless deep spending cuts are made. Speaker of the House John Boehner (R-Ohio) said that the GOP will not allow the United States to default on its loans, but he does expect President Barack Obama to "cut up the credit cards" if his chamber is going to raise the debt limit.
On CNN's State of the Union on Jan. 30, Schumer warned that the government-funding resolution is slated to expire on March 4. He voiced his concern that if the GOP fails to approve a budget because it does not meet the party's fiscal ideology, the nation is in danger of falling into a deep recession or perhaps a depression.
Boehner said that while his party is committed to cutting spending, he discarded the notion that Congress will allow the U.S. to default on its loans.
"That would be a financial disaster not only for our country, but for the worldwide economy," said Boehner, quoted by FOX News. "You can't create jobs if you default on the Federal debt."
The government is currently operating on last year's budget figures because Congress never approved a budget for the 2011 fiscal year. During the lame-duck session, lawmakers voted to fund the government on 2010 spending levels until March.
According to the news provider, Boehner said that the Republicans won't insist on across-the-board cuts for 2011, but they will target spending that is tied to the bank bailout, Obamacare, the American Recovery and Reinvestment Act and the government's support of mortgage companies Fannie Mae and Freddie Mac.