Mitch McConnell Issues Threat Over Deficit: Republicans Will Vote Against Raising Debt Ceiling

WASHINGTON -- Senate Minority Leader Mitch McConnell issued a direct challenge to the Obama administration on Sunday, telling "Fox News Sunday" that Republicans will vote against raising the debt ceiling if it is not coupled with a "credible effort" to shrink the nation's overall debt.

"I don't intend to support raising the debt ceiling, and I don't believe any Senate Republicans do unless we do something important related to spending and debt," McConnell said. "It is going to have to carry something with it that the markets, foreign countries and the American people believe is a credible effort to get a handle on spending and the debt effort."

The United States will reach its debt ceiling within the next few months, setting the stage for another battle over government spending. Lifting the debt ceiling, or authorizing the Treasury to borrow money to pay its obligations, was once a routine action. But Republicans have opposed increasing the limit in recent years, voting against it multiple times in the 111th Congress. Because Democrats hold a majority in the Senate, efforts to block an increase to the debt limit have been thwarted.

McConnell acknowledged that Republicans would be out-voted on raising the debt ceiling. "The Democrats can raise it themselves if they choose to and try do nothing whatsoever about the problem," he said.

Not raising the debt limit would have a disastrous effect on financial markets by causing the United States to default on its loans, according to government officials. Sen. Mark Warner (D-Va.), a member of the bipartisan "Gang of Six" working toward shrinking the deficit, told "Fox News Sunday" he opposes Republican efforts to tie the debt ceiling vote to other actions on the deficit.

"I get a little worried when we start tying it to the debt limit vote," Warner said. "Because as Chairman Ben Bernanke of the Federal Reserve has said, if we play Russian Roulette with the instability of the financial markets, if we were to default on America's obligation to pay, you could end up seeing us back in a financial crisis like 2008."

Senate Majority Whip Dick Durbin (D-Ill.) said Congress should focus on shrinking the deficit, but must be realistic about the timeline.

"We're not going to balance America's budget in the next six months," Durbin said on CNN's "State of the Union." "It's time for people of goodwill in both political parties to sit down and work it out. If there are going to be new revenues or cuts in other areas, let's get it done. Let's move forward."

Comments

[Independent66]

10:06 AM on 03/18/2011

The process of passing continuing resolutions on the spending is bad because this embargo's funds that need to be spent and continues spending at unsustainable levels. America is getting the worst result possible. What we need to do is agree on a plan to cut spending roughly $1T yearly and then agree on a tax structural change that adds roughly $0.5T to collections. To avoid a disaster, we need to be on track NOW and implement both sides of the equation over the next 4 years or so. Even with this type of program, our National Debt will be well over 100% of GDP, quite possibly not sustainable in our world economy. The program I proposed will do this. In addition, by redirecting money properly to REAL job creating activities, we can add millions of productive jobs over that same period. I've addressed this issue before too. We are talking about the the survival of our republic and the future opportunities for the next generations. America needs to rise up and force this kind of change!

[ZeraLee]

08:03 PM on 03/16/2011

Extorting:
Law. the crime of obtaining money or some other thing of value by the abuse of one's office or authority.
http://dictionary.reference.com/browse/extortion

[builderman55]

08:38 PM on 03/15/2011

I wish I could find a single case where the GOP leadership "issued a threat" to corporations that wrecked our economy. They issue threats to the EPA, schoolteachers, unionized public workers, irresponsible middle class homeowners, gays, pregnant single women... I guess I can hope...

[jcd8822]

11:06 AM on 03/15/2011

They will vote against anything that does not help the GOP. They will vote only when it helps their friends in high places. They could care less about the average person in this country/

[dragonlady620]

10:31 AM on 03/15/2011

Unbelievable that McConnell has the temerity to talk about "fiscal responiblity in the same breath that he used to blackmail (and that IS the right word) the administration into extending the Bush tax cuts.

[exclintonsupporter]

08:12 AM on 03/15/2011

"Obama, not showing level of seriousness in budget talks"....hummm...well let's see...the President says Yea...You and your croonies say nay...we've been down this road many times before my friend...so to that, I will say...

You first, Mitch!!!

[MikeDu]

01:16 AM on 03/15/2011

Let them vote against it. Whatever short-term damage that follows will be a damned sight better than the poison they're trying to blackmail the country into drinking. They blackmailed Obama into extending the catastrophic Bush tax cuts and that's why we're in the mess we are now.

[massnana]

08:42 AM on 03/15/2011

My husbands 1st social security check is scheduled to come next month, We'd like to receive it. He has paid into the system as has his employer he has worked hard saving lives in the biotechnology field his whole life. We will not starve or become homeless without it but we have earned it. It is not entitlement it is earned.

[dragonlady620]

09:40 AM on 03/15/2011

There is also the fact that the money is included that is used as revenue by the government- and the last I heard SS recipients were not getting any interest paid to them for the privilege.
If Bush/Cheney/Rove had had their way and succeeded in privatizing SS, it would have gone done the tubes in the financial meltdown (I would love to have heard how McConnell would have explained THAT to the voters), yet the Republicans are STILL pushing for it ,along with every other failed policy that caused it to begin with.

[keramos]

11:13 PM on 03/14/2011

Remember D senators, just because you have a majority doesn't mean you can't use it.  Did anyone ever explain that to you?  What?  You skipped that because you thought those meany Rs were going to taunt you?

Poltroons.

[treadway123]

06:18 PM on 03/14/2011

McConnel for pete sake Canctor is busy playing Ceaser an trying to Burn Rome down in denieing foreign age to the worst Natural Disaster that could have easily been America instead-------an playing his Greed/Power crab in front of God--------While your Busy trying to cut the poor/hungry/teachers/firement an all the middle class while u Gamble on God's door step with the Rich & Powerful of america! If this disaster was God's test the republicans failed it miserably an I hope he found some faithful among us who knew aid to Humanity of this Planet is what God expected an they delivered-------an had the lord look upon earth an say, there was enough faithful/good as to keep us in his Grace!

[GoodbyeRubyTuesday]

06:16 PM on 03/14/2011

Whatever spin the Regressives put on this, if the debt ceiling is not raised, it is only THEIR fault at what happens later to the economy.

[bluecollaramerican]

05:47 PM on 03/14/2011

Oh Mitch, your act is so tired. Climb a tree and forage for some nutty flavored earmarks.

[LoCoVrod]

06:46 PM on 03/14/2011

Tur.tles can't climb trees!

[keramos]

11:14 PM on 03/14/2011

That's true.  Perhaps he has lil eric weasel trained to do that for him

[calmly]

05:39 PM on 03/14/2011

Jeez, my post wasn't even up for ONE MINUTE before someone scrapped it!

I was TRYING to post Foox's rationale for not cutting the wars, and for keeping tax cuts for oil companies.

[keramos]

11:17 PM on 03/14/2011

Hey, reading your posts and trying to keep track of all the people that are going to be looking for jobs as a result of your demands is harder than trying to keep track of all the people that Josey Wales shot in one movie.

In simple terms, you propose to increase unemployment based strictly upon your political fantasies.  Correct?

[calmly]

10:03 AM on 03/15/2011

:) Not my opinions.

We at HP always ask why the repubs won't cut tax breaks for Big Oil, and cut military spending, so I logged into Fooxnooz and asked them about it. These posts are their answers. Well, this is the most polite answer I got. :) Those people are delusional.

[calmly]

05:37 PM on 03/14/2011

This Federal dept.'s sole purpose is to do nothing but create government jobs. Why do we need a federal copy? This totals $602.1 Billion a year savings X 10yrs. = $6.02 trillion saved.
Then take the $200 Billion that the GOA just found in wasted duplicate programs. . $1 trillion every 5 yrs.
If we did it this way in 15 yrs. The USA would be completely debt free and a dollar would be worth a dollar and the price of everything would come down.


• The problem is that US government has grown so large that civil service jobs are using most federal income tax just for payroll and we have to borrow to pay for everything else. 2010 federal civil service payroll $1.54 trillion. 2009 IRS collected $1.9 trillion before returns. I pay $15000 a year in taxes. It would take 102,666,666 of me to cover civil service payroll. "

[Martha Fair]

09:57 AM on 03/15/2011

What part of this equation do you NOT understand. The next election will still be about the elephant in the room and believe me...it IS NOT the deficit. Average people who don't have a job, are working for min wage, or doing the job of 4 thier employers decided to lay off do not give a RAT's A*S about the deficit. I guess your head is just to thick to understand this simple fact. Bring out your numbers because it doesn't add up to jobs no matter what way you look at it and any numbers you roll out will NOT be understood by the average working joe.

[calmly]

01:45 PM on 03/15/2011

:) These are quotes from Foxxnewz. I asked them about Big Oil and Military spending, and this was one reply. I think they are all cra-z over there.

[dragonlady620]

10:19 AM on 03/15/2011

For the record, Dick Cheney  had a big hand in growing the civil service roster.
http://www.therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=5163
 

[calmly]

05:37 PM on 03/14/2011

Defund Dept. of Commerce 141,885 employees 2010 budget $14.2 Billion there is a non-profit organization Chamber Of Commerce that is funded by members and donations. We don't need the feds in our business. Since taking control the feds have let all jobs go overseas. Another failed Useless Dept. formed by a Progressive Republican Teddy Roosevelt Feb. 14, 1903. Although I think we should keep the NOAA and NWS should be placed under the Air Force.
Defund Dept. of Energy 109,000 employees 2010 budget $24 Billion. Formed by Jimmy Carter Aug. 4, 1977
Defund Dept. of Education 5000 employees 2010 budget $107 Billion every State has their own dept. with elected officials. A useless Dept. formed by Democrat Jimmy Carter Oct. 17, 1979
Separate SSA 62,000 employees 2010 budget $657.3 Billion from the Dept. of Health & Human Services then defund all other entitlement programs 5,000 employees 2010 Budget $188.1 Billion another failed program with a huge budget formed by Democrat Jimmy Carter April 11, 1979

[calmly]

05:35 PM on 03/14/2011

Defund USDA 105,778 employees 2010 budget $132 Billion every State has their own agriculture dept. Another useless Dept. formed by Democrat Grover Cleveland May 15, 1889