Markell on debt crisis: ‘Inaction not an option’

Delaware Governor Jack Markell says “inaction is not an option” when it comes to dealing with the federal debt ceiling.

Markell responded to President Barack Obama’s address to the nation on the need for Congress to take more than short-term action around the nation’s debt crisis.

In a televised address Monday night, Obama said the nation is growing dangerously close to default. He warned that would be what he called a “reckless and irresponsible” outcome to the debate.

Markell says the President is “clearly willing to work to make responsible reductions,” and he hopes Republicans are willing to do the same.

“Given the significant economic stakes in this debate, I am hopeful that Republicans in the House of Representatives are willing to step forward, accept a balanced approach, and avoid the lasting damage that could be done if our nation defaulted on its debt,” Markell said.

The nation will run out of ability to borrow money and pay its existing bills after Aug. 2, if a deal is not reached by then to extend the nation’s debt limit.

Republicans and Democrats have put forth competing last-minute deals. It is unclear how or whether a compromise will happen.