Risk of default is 'real' without compromise on raising debt ceiling, Bacon says

Rep. Don Bacon, R-Neb., warned Sunday that there is a concerning risk of a default on the federal government's debts if Democrats and Republicans are unable to compromise on

raising the nation's rapidly approaching borrowing limit. "I think it is a real threat that both sides have to take serious," Bacon told ABC "This Week" co-host Jonathan

Karl. "The Republicans were largely elected to get control of reckless funding. That's the mission that their voters have given them. So, when President [Joe] Biden says

he's going to refuse to negotiate with Republicans on any concessions, I don't think that's right either," Bacon said, referring to Biden's vow not to tie a debt ceiling increase

to cuts to government programs like Medicare and Social Security. Some conservatives have said they want a deal on the borrowing limit to include a decrease on spending,

reviving a similar strategy used during the Obama administration. Speaker Kevin McCarthy contended last week that the government needed to change its spending, some of

which he called "wasteful." MORE: Treasury secretary says US to hit debt limit Jan. 19, setting up showdown with GOP Bacon on Sunday said that the White House and

Democratic lawmakers must come to the table, but the narrow divide in Congress means the goal should be compromise for both parties. "On our side, we have to realize, we

control the House ... the Senate is run by the Democrats ... and the president is obviously from the Democrat Party, so we can't get everything we want either," Bacon said.