House Budget Committee Chairman Paul Ryan declared raising taxes to alleviate the debt would have a “chilling effect” on growth. Juggling the issues of unemployment and a record- breaking national debt, U.S. lawmakers are reaching to avoid the U.S. defaulting on its debts.

Ryan, in recent months, became known for his budget proposal to overhaul Medicare. At a breakfast hosted by The Hill on Thursday, Ryan continued his drumbeat saying that temporary tax breaks won’t work. “Businesses make decisions on certainty,” Paul said.

Dow Jones reports the White House said President Barack Obama is considering extending payroll-tax holidays for employees and boosting job creation by adding the tax break for employers.

Paul took a more optimistic tone towards the bipartisan talks being led by Vice President Joe Biden. "What the Biden talks offer is the one train left that's going to leave the station on the debt," he said.

In order to avoid the possibility of the U.S. government defaulting on its debts, the Treasury department has said Congress must raise the nation’s $14.29 trillion debt ceiling by Aug. 2.