(CNN)–Sen. Rand Paul wants the debt crisis solved quickly, even if it requires canceling his vacation until a deal is reached on the debt ceiling.
The Kentucky Republican is among lawmakers joining President Barack Obama’s calls for Congress to stay in session over the upcoming vacation week and confront America’s debt crisis.
"I've been disappointed. I've been here six months. Not one minute has been on the floor or in committee discussing the debt ceiling," Paul told CNN's Wolf Blitzer in an interview Wednesday. "We haven't passed a budget. We haven't passed an appropriations bill. I really think the American people deserve better."
Obama called on lawmakers Wednesday to overcome the "selfish" norms of politics and "do their job" in order to strike a deal on raising the federal government's current $14.3 trillion debt ceiling by the start of August. GOP leaders have shown no signs of yielding in their opposition to higher taxes as part of any grand bargain with the White House.
"I want everybody to understand that this is a jobs issue. This is not an abstraction," Obama said. "If the United States government, for the first time, cannot pay its bills – if it defaults – then the consequences for the U.S. economy will be significant and unpredictable. And that is not a good thing."
Top economic analysts have warned of potentially catastrophic repercussions if the ceiling is not raised by August 2, including skyrocketing interest rates and a plummeting U.S. dollar.
Paul said he will be proposing a raise in the debt ceiling contingent on three factors: The passing of a balanced budget amendment, the passing of significant cuts and statutory caps.
"I understand we may have to borrow some money, but we can't borrow money without reforming what’s going on up here," Paul said. "We want to fix the process, allow it to go up some and then start going toward the balanced budget."FULL STORY
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