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Wed July 13, 2011
Levin: Forget budget deficit, focus on debt ceiling
Michigan Senator Carl Levin wants all sides to give up trying to tie increasing the federal debt ceiling to a major cut in federal spending. The budget talks have stalled as President Obama and Congressional Republicans have been unable to agree on closing tax loopholes.
Levin says tying budget cuts to increasing the debt ceiling has been a bad idea.
“Frankly never should have been combined. We have no choice but to raise the debt ceiling. We ought to reduce the deficit. And we will. But, whether we can do that in time to avoid a real calamity here which will occur if out debt ceiling is not raised is just anybody’s guess.”
Congress has until August 2nd to agree to increase the federal government’s debt ceiling. After that, the government could possibly risk going into default.