But, he added, “If we continue on the same fiscal course we'll be hard pressed to get a bill out of the House.”

Treasury Secretary Timothy Geithner has warned that not raising the debt ceiling would be "catastrophic" for the U.S. economy; White House spokesman Jay Carney said it would “Armageddon-like.” If the $14.3 trillion borrowing limit is not raised, the United States could be at risk of defaulting on its debt.

Regardless of the outcome, Duffy predicted that "a great debate” on the debt ceiling would take place in the coming months.

Duffy is one of 25 House Republicans being targeted by Democrats in their quest to regain a House majority in the 2012 elections.

“Tell Duffy to keep his hands off our Medicare,” says one ad targeting the freshman congressman. The ad was referring to Duffy’s vote in favor of the GOP’s 2012 budget, crafted by fellow Wisconsin Rep. Paul RyanPaul Davis RyanHouse Dem moves to force vote on bill protecting Mueller Collins: 'Extremely disappointing' ObamaCare fix left out of spending deal House poised to vote on .3T spending bill MORE.