A northern Illinois Congressman says if the country doesn't get serious about spending cuts, the debt ceiling won't matter because no one will buy U.S. bonds. During a conference call with reporters, Bloomington native Adam Kinzinger said the administration position against negotiating over the debt ceiling because a failure to raise it would damage the country won't fly in Congress.
"So I think it's irresponsible to have a leader of the free world that's unwilling to talk about the fact that we have a trillion dollar deficit. So, the president wants to take the approach that he's unwilling to negotiate with us, that's his choice. I'm gonna to tell you we're not going to raise the debt limit without cuts."
The Republican Kinzinger says another point of leverage is the expiration of a continuing resolution funding government operations in the absence of a formal budget. The fiscal cliff deal over tax rates pushed back massive spending cuts called the "sequester" for two months. Both sides have an incentive to agree on targeted budget reductions rather than allow across the board cuts to go through. Democrats also say they want to close tax loopholes and Republicans are focusing on entitlement reductions.
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