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 This material may not be published, broadcast, rewritten, or redistributed.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.)

Comments (2)
  1. W. Michel Kiteley says:

    You certainly know of the get-rich-quick scheme in the West where you find all the left-over horse heads that are laying around and send them to Washington D.C.for final assembly?

    The height of illogical thinking and stupidity is to attach a balanced budget amendment to the Constitution of the United States. And why are the Democrats so up-in-arms about it anyway? It’s a can of cake to pass an amendment to the Constitution of the United States. It still takes passage in 3/4 of the state legislatures.

    When was the year that the Equal Rights Amendment passed Congress, as simple a statement as it was? How has that worked out for you Americans in the past decades? Perhaps put a rider on a Balanced Budget Amendment that requires ratification of Equal Rights Amendment first? This is a real non-starter for reality and a Congress with it’s male-dominated chauvinists and racists and blind rich.

  2. Thomas Maddox says:

    Why is the GOP accused of not wanting to negotiate because it insists on no taxes in the debt ceiling plan, but the President is given a free pass for holding on to his demand that there should be taxes?

    Why all the hatred against the Tea Party? Bill O’ Reilly why are you busting the chops of tea party supported members of congress for keeping their campaign promises? I always thought that keeping campaign promises was a good thing.

    Why are the TV talking heads, the POTUS, and the Democratic politicians claiming that we will default should there be no deal by August 2? That is a lie. The US will still be paying its interest after that date, therefore there will be no default.

    If this is such a serious issue (and it is) why isn’t anyone complaining that the President is planning to spend August 3rd in Illinois raising cash for his re-election campaign?

    Why do the Democrats get away with saying that the House was wasting is time passing the Boehner plan because it wouldn’t pass in the Senate, but no one says the Senate is wasting its time passing the Reid plan which will never pass the house?

    Why is the President allowed to make a speech about bi-partisanship this morning, then go back home and urge his twitter followers to spam the GOP members of congress?

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