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Republican’s Can’t Agree On the Debt

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Republican’s Can’t Agree On the Debt
UNITED STATES ? NOVEMBER 4: Rep. Tom Cole, R-Okla., holds a news conference with Rep. Joe Courtney, D-Conn., not shown, to unveil bipartisan opposition to taxing health benefits. on Friday, Nov. 4, 2011. (Photo By Bill Clark/CQ Roll Call)

Rep. Tom Cole recently stated that he would most likely not support a “clean” measure to increase the national debt limit. Cole hopes that they can instead include spending cuts that will reduce government spending. Cole described his thoughts on MSNBC’s “Morning Joe”:

“Most Republicans want to do something to lower the trajectory of the debt. I mean, a clean debt ceiling hike is like having a credit card and saying ‘i’ve reached my limit, I’m just going to change the limit higher without changing any of my spending habits.”

Cole goes on to say most of his colleagues aren’t okay with that while Democrats seem to love the idea. However, Treasury Secretary Steven Mnuchin is the one who called for the Congress’s approval of a clean raise of the debt ceiling. He also has the reluctant support of White House budget director Mick Mulvaney, a former House Republican.

Congress has until Sept. 29th to lift the ceiling. If they don’t, there is a high chance that markets will suffer and the government will close due to defaulting their debt. Cole also stated that he would want a measure which would raise the debt ceiling only if it came with goals to reform the insane government spending:

“This idea we can go on spending interminable and just simply raise the debt ceiling every time – sooner or later the credit markets are going to make that impossible to do. So let’s reassure them and show them we’re serious about lowering the deficits and eventually the long-term debt.”

Credit: The Hill

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