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Colorado Congressmen, Senators Weigh In On Debt Debate

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Rep. Doug Lamborn, R-Colorado Springs (credit: lamborn.house.gov)

Rep. Doug Lamborn, R-Colorado Springs (credit: lamborn.house.gov)

DENVER (CBS4/AP)- Congressmen and senators representing Colorado at the U.S. Capitol are talking about the ongoing debt debate as the deadline quickly approaches on reaching the debt ceiling.

“To me its crucial we do it through next year not for political reasons but to show markets that we are serious we’re not going to be engaged in these fights in 4, 5, 6 months,” said Sen. Mark Udall, D-Colorado.

Democrats want the ceiling raised through 2012.

“I think if we could get agreement with the senate, that’s key. I’m convinced the president would go along. He doesn’t want to be responsible for slow down of payments who gets paid and doesn’t get paid,” said Rep. Doug Lamborn, R-Colorado Springs.

Friday evening, Republicans muscled legislation to extend the government’s borrowing authority and cutting spending through the House over solid Democratic opposition.

RELATED STORY: Good Question: How Did The National Debt Grow So Quickly?

The 218-210 vote sets up a confrontation with the Democratic-controlled Senate and President Barack Obama, who say the GOP-written measure, will die in the Senate. They say the bill would wreak economic havoc because it would force lawmakers to vote on another extension of the debt ceiling early next year, in the heat of presidential and congressional campaigns.

Administration officials say Congress must find a compromise to raise the debt ceiling by Tuesday or the government will run out of cash to pay its bills. That could prompt an unprecedented federal default, which could rattle the economy with shocks such as higher interest rates.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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