Kaine discusses debt ceiling, threat of default

Published: May. 3, 2023 at 6:41 PM EDT
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WASHINGTON, DC (WDBJ) - US Senator Tim Kaine (D-Virginia) says Republicans are flirting with default and financial disaster in an effort to force spending cuts.

Wednesday afternoon, he said they are ill-informed and he urged them to reconsider.

One day after we heard from Republican Congressmen Bob Good (R-5th District) and Morgan Griffith (R-9th District), Kaine weighed in on the issue, saying Democrats will consider spending cuts, but not under the threat of default.

“If we default, and then say, okay we can pay some of our bills, but not all, what’s going to happen to the United States is what happens to people who pay some of their bills,” Kaine told reporters. “The creditworthiness of this country and the reputation that we have spent 240 years building will plummet like a stone.”

Treasury Secretary Janet Yellen has said Congress has until early June to raise the debt ceiling, or risk defaulting on the nation’s financial obligations.