Isakson, Shaheen Push For Debt Ceiling Extension
Two U.S. senators – including one of Georgia’s Republican senators – say Congress should raise the debt ceiling, echoing calls made by Treasury Secretary Jack Lew that lawmakers do so before a Friday deadline.As heard on the radio
As part of the budget deal that ended the government shutdown last October, Congress agreed to suspend the nation’s debt limit – or how much money the country can borrow. That suspension ends Feb. 7 – Friday – and without another extension in the very near future, the government will likely default on its payments, according to Lew.
The treasury secretary has repeatedly urged lawmakers to act before Friday’s deadline. Speaking with NPR Monday, Lew said Congress shouldn’t require budget concessions to raise the debt ceiling, as was the case in 2011, when Republicans demanded federal spending cuts in exchange for a debt ceiling increase.
“We can’t be in a place where the question of whether or not the United States pays its bills is something that every six or 12 months becomes a kind of demand of concessions because it cannot be a tolerable idea that the United States would not pay its bills,” Lew said.
Georgia Republican U.S. Sen. Johnny Isakson wants debt ceiling talks to also include talks about reforms to entitlement programs, like Social Security and Medicaid. However, he didn’t go so far as to say those reforms should be a requirement to extending the debt ceiling.
“I don’t think we ought to default,” Isakson said. “I mean, defaulting costs money, interest rates go up, uncertainty’s greater. Our economy is at best fragile as it is. You don’t want to default on your debt.”
New Hampshire Democratic Sen. Jeanne Shaheen appeared with Isakson in Atlanta Monday. She agreed extending the debt ceiling is necessary and should be done soon.
“We can disagree about what we should spend and how much we should spend, but we should not disagree about maintaining the financial integrity of this country,” Shaheen said.
Shaheen said a political standoff over the debt ceiling like that of 2011 would hurt the economy.
If Congress doesn’t meet Friday’s deadline, Secretary Lew said the treasury could use “extraordinary measures” in the meantime to keep the government afloat.
Lew said that would only last through the end of the month.
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