(CNN) - With another big deadline looming this summer over raising the limit on how much money the government can borrow to pay its bills, Washington could find itself embroiled in new fiscal gridlock.
If talks on the so-called debt limit falter, the government could default on its obligations. That could lead to a series of financial and political consequences.
But House Budget Committee Chairman Paul Ryan of Wisconsin says he's confident "we can make sure the default is not going to happen."
"I think we can give the authority to the president to prevent default," the 2012 Republican vice presidential nominee, said on CNN's "The Situation Room."
In the summer of 2011, Congress and the White House reached an 11th-hour deal to avoid a similar default. Known as the Budget Control Act, the measure set in place the now-infamous sequester, a major series of automatic spending cuts that went into effect at the beginning of the month.
Now Congress must pass a bill by March 27 to continue funding the government; Then this summer, there will be a vote on the debt ceiling.
It could shape up to be another partisan fight in which Republicans agree to a debt limit increase only if Democrats sign off on spending cuts to entitlement or other major programs.
"We can't keep running up deficits like this. It will damage our economy deeply," Ryan said.
Widely considered a potential White House contender in 2016, Ryan was also asked about his prospects for higher office.
Another potential Republican contender, Sen. Rand Paul of Kentucky, announced this week that he's going to Iowa, the state that hosts the first caucuses and a must-stop for any potential presidential candidate.
Asked if he has similar plans, Ryan said he's going to give it "serious consideration" but not right now.
"I don't think it's good for me, good for the Wisconsin first district, good for my colleagues to cloud my judgment at this time with other things," he said. "I need to do what I think is right in this moment working on the budget."
"You enjoyed campaigning with Mitt Romney, right?" CNN's Wolf Blitzer asked about the Republican presidential nominee last year.
"I did," Ryan responded.
"Maybe you'll do it again?"
"We'll see," Ryan said.
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Rep. Ryan needs to get out and meet with people who are in the 47% to see how they are doing. His reliance on this narrow view of finances is not acceptable. This is a big country with many who oppose the Republican view of the debt and how to bring us back to a reasonable budget. It cannot be done in 10 years unless Rep. Ryan and his fellow Representatives are still willing to leave the 47% behind. We cannot make these huge cuts without hurting people.
Rep. Ryan needs to listen to economists and others with differing opinions. His ideas were not accepted during the last presidential election. It is time to expand his view and to tweak his ideas.
His budget doesn't make sense because it makes many assumptions that haven't been verified or are realistic. The idea that he can pass along the costs to the elderly for Medicare is problematic to start because the vouchers could be cut in the next budget. That is real compassionate or real foolish.
Ryan , Rubio , Paul , They all lack something that is very important .
A sense of leadership .
He'll never get elected...nuff said.
I hope he does run. A guaranted loser.
Didn't seem to bother the Republicans when GW Bush was waging two unfunded wars and pushing through unfunded Medicare Part D ...
What a bunch of hypocrites!
Lyin Ryan or any other bafoon party canadate from the gop ,Rubio ect,might as well run in somila where they have the same values, gun rights ,no healthcare ,no taxeseverything a stupid gop voter likes
The gop goofball party is going down in flames no matter which gop loser they run and they will probably lose the house in 2014 before that ,unless they get somebody from our own planet to run.
What happened to you Mr. Ryan to make you so mean, heartless and greedy? Isn't being rich and powerful enough for you? Do really have to destroy other people's lives to move your agenda forward? You are pathetic!
Deficits are going down. Ryan is the problem . Austerity does not work. A budget man that does not know numbers.
He may be able to pull along a few DINO"s and the democrats may be able to pull along a few RINO's The problem is it wont work for either side.
They have to start talking TO each other and not AT each other!
By the way his 500K + 1.7M is less than the Obama projections, on current policies only, of 200K plus per month.
The closing of loopholes and eliminating tax breaks is common ground and both sides have put forward flexibility ideas achieving the sequester in a different/ better? way.
They should pass that for now.
Then as an advance agreement also agree to look at further tax reform and entitlement review/ reform and maybe even Social security.
When will Ryan get real the preople rejected these ideas in the last election... it means they have further to go on compromise not the dems.
First of all, last week, it came out that this movement by Mr.Ryan is not law. It is something he and the Republicans in Congress want to do.Mr.Ryan is not convincing enough to me that what he is saying is the way everything should go. His figures do not always add up. I really don't think he knows what he is talking about. The next word out of his mouth is entitlements. What are entitlements? Is that something that everyone has worked, and paid for? He speaks that Senior citizens who have worked their entire career are getting stuff for free! I hate to say it Mr.Ryan, be quiet!
Do it again? Doesn't Ryan get it that he has already become as much of a joke as alexithymic Mitt?
THIS is why I will NOT give my vote to the GOP.
A REGISTERED REPUBLICAN !
At a certain point in time one has to say ENOUGH of this nonsense.