(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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