House Speaker Paul Ryan is assuring investors that Congress will meet a new deadline to increase the government’s borrowing cap and avert an economy-quaking default on U.S. obligations.

Ryan says, “The debt ceiling issue will get resolved.” He spoke a day after Treasury Secretary Steven Mnuchin warned lawmakers that Congress needs to vote to increase the almost $20 trillion borrowing cap before taking its annual August vacation.

It had been previously assumed that lawmakers wouldn’t have to vote on the debt limit until sometime this fall.

Conservatives are pressing to include spending cuts in any debt legislation as a condition of voting for a debt hike. Ryan didn’t address the idea, but such spending cuts would likely drive away potential Democratic support.

(AP)