Photo: Bloomberg Television
Senators Tom Coburn (R-OK) and Kent Conrad (D-ND) defended the debt limit and deficit reduction proposal that they introduced yesterday from Democratic and Republican criticism, arguing it has the best shot to pass Congress.The two are members of the so-called “Gang of Six,” which drafted the bipartisan proposal, and called for shared sacrifice to get a deal done before the August 2nd debt limit deadline.
“It is probably the only plan that is going to ever pass–or some combination of it,” Coburn told Bloomberg Television. “$3.7 trillion is a lot of money, but it is not enough yet–but it will buy us the time to get us down the road a little further to make additional changes that are going to have to be made.”
Coburn called on the House of Representatives to seriously consider the proposal, saying “each side has to give up something they did not want to give up.”
“There are parts of it that they will not like, just as there are parts that I don’t like, and parts that they think are pretty smart,” he said. “The fact is that this is a compromise. It is something you do not hear often. You get something good for the country.”
Conrad added that their proposal increases the debt limit, but also addresses cutting the deficit — key to avoiding a downgrade.
“Ultimately, the country has to face up to this debt threat,” he said. “If we do not, we will have a fiscal crisis. We do not have to look far away to understand what that means. We can look to Greece. We can look to Ireland, look to Spain, look to Portugal. We are not any of those countries, but we’re rapidly approaching the point of no return on a debt that is too high that reduces our economic prospects. Virtually every serious economist is in agreement on that.”
They added that if taken up quickly, they are confident their bill can pass Congress before the August 2nd deadline.
Watch the interview below:
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