Credit unions: Don't let debt limit be delayed by spending fight

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While leaders on both sides of the aisle have acknowledged that the debt limit will ultimately need to be raised, Republicans say they will not support an increase that is not paired with significant spending cuts or reforms.

Wai recognized that the nation's fiscal situation is in need of improvement, but warned that increasing the debt limit should not be delayed because of that fight.

"Broad based budget policies may need to be prioritized apart from the question on the federal debt limit due to the timely nature of action on this issue," he wrote. "In fact, just the perception that lawmakers may not raise the debt limit has the ability to cause negative economic consequences."