Paul Ryan Tells CBS' Bob Schieffer 'We Do Not Have A Debt Crisis'

Congressman Paul Ryan downplayed concerns that the United States is in the midst of a debt crisis on Face The Nation this morning by saying that the country hasn't arrived there yet because it is buoyed by factors unique to America. Ryan's statement was similar to what House Speaker John Boehner said earlier today where he too allayed concerns of a national debt crisis.

America is still a step ahead of the European nations that are confronting a debt crisis, of Japan that is in its second lost decade, it's partly because of our resilient economy, because of our world currency status. So we do not have a debt crisis right now but we see it coming. We know it's irrefutably happening and the point we're trying to make with our budget is let's get ahead of this problem,' Ryan said.

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Ryan said that the longer the nation delays in addressing the current budget problems will lead to serious harm to the seniors and the poor down the road when it's too late to resolve the debt problem.

Bob Schieffer asked Ryan if he trusts he president and congressional Democrats and Ryan said he does but with caution.

'I subscribe to the Reagan school of thought which is 'Trust but verify,'' he said.

Watch clip below via CBS