Coons calls for compromise in dealing with the debt ceiling

Senator Chris Coons (D-Del.) is worried there won’t be enough time to reach a compromise on raising the debt ceiling, even though time won’t run out until August 2nd.

Coons came to the WHYY, Wilmington studios and told MSNBC’s Dayside program the GOP’s refusal to consider new taxes as part of increasing revenues as part of deal that would also include spending cuts is hurting the situation.

“I do think it would be fair for us to include spending cuts and some revenue increases without raising tax rates,” said Coons. He says there is an agreement to cut $4 trillion in spending over the next decade by putting everything on the table. However, he says with senate rules written in a way that any senator can stop a piece of legislation, he hopes there is enough time to get things done.  He adds that Congressional leaders may be working on negotiations, but all senators must be briefed on the final outcome.

One thing Sen. Coons does not want to do is rely on the 14thamendment which states the government shall be responsible to pay its debts. He says a Huffington Post reporter asked him about a few weeks ago. Coons said doing that would create a constitutional crisis over its interpretation. He says, “if the President has to rely on this obscure passage from the 14th amendment that was passed right after the civil war to pull a rabbit out the hat to try and prevent us from defaulting on America’s mortgage, that’s a sign that we in Congress have profoundly failed to do its job”

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