Thu June 2, 2011

Udall: Not Raising the Debt Ceiling Would be ‘Catastrophic’

The discussion over raising the nation’s debt ceiling is focused in the House this week. But that’s not stopping Colorado Democratic Senator Mark Udall from weighing in on the matter.

The federal government has reached its $14.3 trillion debt ceiling. The argument now is whether or not the level should be increased. Some lawmakers believe it can stay where it’s at as long as budget cuts are made.

During a stop in Greeley on Thursday – Senator Udall says it needs to be raised.

“These are liabilities that we already incurred. These are monies the federal government owes to any number of creditors.”

But in raising the limit – Udall added that it should be tied to spending on roads, renewable and traditional energy sources now – in combination with short and long-term cuts to lower the deficit. Treasury Secretary Timothy Geithner said this week the nation faces an economic catastrophe on August 2nd if the debt ceiling is not raised.