New Republican Study head OK with exceeding debt limit

He said that debt service requires only 10 percent of the $2.5 trillion in revenue the government receives a year.

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Critics of the RSC view define “default” more broadly, and say that if the U.S. pays bondholders it will have to withhold Social Security benefits, tax refunds, worker salaries and payments for other essentials once the credit limit is exceeded.

President Obama is calling on Congress to raise the debt limit by trillions of dollars, but the GOP is demanding equal spending cuts for any debt-ceiling increase. Experts expect a “default” widely defined to be necessary as early as Feb. 15.

Scalise took over as chairman of the RSC from Rep. Jim Jordan (R-Ohio) this month.