Tags: Kyl | debt talks

GOP Sen. Kyl: Debt Talks Are Hitting Crossroads

Monday, 20 Jun 2011 05:38 PM


Negotiators working on a deal to get the U.S. debt under control will have to "reassess the situation" if they do not make substantial progress this week, says Sen. Jon Kyl.

The Arizona Republican, who is one of the negotiators, said Monday that the group will have to decide whether Congress will have enough time to approve a long-term increase in the country's borrowing authority by Aug. 2, when the Treasury Department has said it will run out of money to pay the country's bills.

"I'd say if we haven't made enough progress by the end of this week we're really going to have to reassess the situation," Kyl told reporters.

Kyl's comments came one day after the Senate's top Republican, Mitch McConnell, said Congress may have to opt for a short-term fix to ensure that Congress can raise the $14.3 trillion debt limit and avoid a default, which could push the country back into recession and upend financial markets.

Republicans have said that any increase must be paired with a deficit-reduction package of equal size.

Lawmakers from both parties hope the debt talks, led by Vice President Joe Biden, will yield at least $2 trillion in savings, enough to ensure Congress does not have to revisit the topic before the November 2012 elections.

© 2015 Thomson/Reuters. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved