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Udall, Bennet Back Compromise Bill To Stop Default

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Sen. Mark Udall (credit: Chip Somodevilla/Getty Images)

Sen. Mark Udall (credit: Chip Somodevilla/Getty Images)

DENVER (AP) – Both of Colorado’s senators backed a compromise bill to prevent a government default — with some regrets.

The legislation passed Tuesday paired an increase in the debt ceiling with promises of more than $2 trillion of budget cuts over the next decade.

Sen. Mark Udall criticized the bill for failing to ensure that the wealthy will help balance the nation’s books. He also said it won’t reduce the debt enough to give businesses the confidence to expand and hire workers.

Sen. Michael Bennet said the bill made a “significant downpayment” on reducing the deficit, but he wishes it had gone further.

Bennet plans to hold a meeting Wednesday in Denver to discuss the issue. It will begin at 11 a.m at the Tivoli Student Union on the Auraria campus.

Seating for Bennet’s meeting is limited. Members of the public may reserve a spot by e-mailing townhallrsvp@bennet.senate.gov.

FULL DEBT LIMIT LEGISLATIVE COVERAGE: Check CBSNews.com For More

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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