Senate Minority Leader Mitch McConnell urged Republican lawmakers to consider a compromise on raising the nation’s debt ceiling, as the deadline for a deal quickly approaches.
“I remain as committed as ever to resolving this crisis in a way that will allow us to avoid default without raising taxes and to cut spending without budget gimmicks. There’s only one option that does that, and that’s the one Speaker Boehner has proposed and that is being improved as we speak,” Mr. McConnell said Wednesday.
“We cannot get a perfect solution controlling only the House of Representatives,” McConnell said. “I am prepared to accept something less than perfect because perfect is not achievable,” the Kentucky Republican added.
Mr. McConnell’s statement comes just six days before an August 2 deadline and fears that the U.S. may default on its debt obligations. A number of credit agencies has warned the U.S.’s AAA credit rating is at risk as political posturing over raising the debt ceiling continues.
The U.S. Senate is set to vote on Senate Majority Leader Harry Reid’s debt plan, which President Obama has endorsed. House Speaker John Boehner is expected to bring to vote a Republican-backed measure Thursday after the Congressional Budget Office noted Mr. Boehner’s proposal reduce spending by less than $1 trillion.
