Pennsylvania U.S. Senator Pat Toomey said Tuesday that Republican lawmakers risk not raising the nation’s debt ceiling by August 2, risking a default.
“At this late stage in the process, it’s obvious now to everybody that it is possible, increasingly possible, that we will not have raised the debt ceiling by Aug. 2,” Mr. Toomey said Tuesday.
The Pennsylvania Republican, who announced a plan aimed to guaranteeing continued payments for Social Security recipients and active-duty military personnel, said the plan represents a “plan B.”
The bill, called Ensuring the Full Faith and Credit of the U.S., has 31 cosponsors in the Senate and comes at a time when lawmakers are becoming increasingly concerned that a deal will not be reached by next week’s deadline.
“First, it’s interest on our debt so that we will not default on our debt and not plunge our economy into chaos,” Mr. Toomey said. “Second, Social Security payments because millions of senior citizens, including my parents, depend on the Social Security payments ….finally, the payroll for active-duty military personnel….”
With less than a week before an August 2 deadline is set to expire, House Republicans are preparing to vote on a measure crafted by House Speaker John Boehner, which would eliminate upwards of $1 trillion in spending.
