Oklahoma U.S. Senator Tom Coburn said Wednesday that he sees no reason to raise the nation’s debt ceiling when the current $14.3 trillion debt limit is reached next month.
Mr. Coburn, a Republican, said the federal government already has the necessary revenue for fulfilling its obligation and should instead allocate funding for reducing the nation’s debt.
“There are a lot of ways to move money around in the federal government,” he said. “We can find $1.7 trillion.”
The Oklahoma Republican seemed to brush aside warnings that the United States would default on its financial obligations. Mr. Coburn said not raising the debt limit won’t cause the nation to default on its debt. Asked how long the federal government could “move money around” before defaulting on its debt, Mr. Coburn said he did not know.
Mr. Coburn’s comment follows a statement from Treasury Secretary Timothy Geithner. Mr. Geithner said on Tuesday there is no risk the United States could lose its top-tier AAA credit rating, however, he warned congressional lawmakers against refusing to raise the debt ceiling.
