Schumer, Dems say Cantor's wrong: a large debt deal could still pass House
A few Democrats today disputed House Majority Leader Eric Cantor's claim that there is currently no deficit reduction proposal that could pass in the House.
"I believe the votes can be gotten in the House if Republicans will work with Democrats," Sen. Ben Cardin, D-Md., a member of the Senate Budget Committee, said in a press conference today.
Sen. Chuck Schumer, D-N.Y., blamed Cantor for pushing the idea that a deal couldn't pass in the House. "He's trying to make the reality that some packages can't pass the House," he said. "He's not just representing it, he's making it."
Schumer's remarks came on top of an onslaught of criticism Cantor has received from Democrats for holding up deficit reduction negotiations. In response to being singled out, Cantor tweeted today,"This debate is not a question of personalities; it is about doing what is right for the country."
Schumer also suggested Democrats would be willing to go along with the controversial and complicated "back up plan" that Senate Republican Leader Mitch McConnell unveiled this week. In a separate press conference, House Democratic leader Nancy Pelosi also said McConnell's plan had "value."
"Senator McConnell put on the floor a proposal that would at least avoid default," Schumer said.
McConnell's plan is blatantly political, Schumer pointed out, and puts the responsibility for raising the debt ceiling and coming up with spending cuts squarely on President Obama. But if the plan were modified so that it were less political, "you might be able to get the votes" for it, Schumer said.
Pelosi today also commended McConnell's plan.
What "Leader McConnell has advanced, is it is a recognition that we must lift the debt ceiling," she said. "And for that reason it has that value. I think everyone who's concerned about lifting the debt ceiling is saying, 'bravo for Senator McConnell to say this must be done.'"
Schumer warned that "the clock of inexorably ticking" toward the prospect of the U.S. defaulting on its loans. Mr. Obama has been meeting with congressional leaders every day this week in the hopes of forging a deal to reduce the deficit and raise the debt ceiling -- the amount of money the government is technically allowed to borrow. His administration and others have warned of "catastrophic" consequences, such as defaulting on loans, if the debt ceiling isn't raised by Aug. 2.
Schumer explained that he's optimistic that Republicans will get on board with some kind of plan as the threat of default draws closer.
"Hopefully, as the reality comes closer and these freshmen become familiar with the consequences of default... they will come to reality and realize default must be avoided," Schumer said, referring to House Republican freshmen who have suggested defaulting wouldn't have such severe consequences.
Schumer emphasized that if the debt ceiling isn't raised, the Treasury Department would have to make "some dark and difficult choices" that would impact all Americans.
Defaulting, he and other Democratic senators said, could impact everything from gas prices and mortgage loans to border security and FBI funding.
