Washington (CNN) - Democratic Sen. Dick Durbin of Illinois, a member of the bipartisan so-called "gang of six," said the group reached a deal before Republican Sen. Tom Coburn dropped out Tuesday.
"We were ready to announce as far as I was concerned and then Sen. Coburn said no I'm not part of this and walked away," Durbin said Sunday on CNN's "State of the Union." "The question now is whether senators on both sides of the aisle, Democrat and Republican will step up and say don't stop. We need to do this together, we need to sacrifice and make concessions on both sides if we're ever going to solve this national problem."
Treasury Secretary Timothy Geithner has said the U.S. can borrow until August 2, after reaching the limit of $14.29 trillion last week because of extra measures taken by the department.
Durbin, the number two Democrat in the Senate encouraged other members of Congress to join the gang and warned of the dangers to the U.S. economy if the country defaults on its loans, saying inaction is "totally unacceptable."
"A default on the American debt could plunge us into another recession with even more jobs lost and businesses failing," Durbin told CNN Chief Political Correspondent Candy Crowley. "Those few and I think totally irresponsible members of Congress who say it really doesn't make any difference if we default are being irresponsible with one of the most significant issues that we're going to face."
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