Washington (CNN) - The top two Democrats in the Senate said they don't think there is enough time before the debt ceiling is reached Aug. 2 to pass the comprehensive debt reduction plan unveiled Tuesday by the Gang of Six debt negotiators.
"The Gang of Six plan has not been drafted nor has it been scored by the CBO (Congressional Budget Office)," said Sen. Dick Durbin of Illinois, the Assistant Majority Leader and a member of the debt gang who supports the compromise. "It's not ready for prime time."
Asked specifically if the $3.7 trillion plan can be implemented as part of the debt ceiling negotiations, Durbin replied, "No it can't."
Majority Leader Harry Reid of Nevada expressed similar concerns and noted the Constitution requires that revenue bills originate in the House so the Senate's hands are tied until the House acts.
"I don't want to do anything to jeopardize the enthusiasm of the Gang of Six," Reid said. "But I am the person that runs the Senate and I understand what the rules of the Senate are."
Reid said he's open to incorporating some elements of the proposal into a separate bill that he and Senate Republican Leader Mitch McConnell of Kentucky are drafting as a last-chance option to prevent the U.S. government from defaulting on its debt.
Pass the Gang of 6 proposal after increasing the debt ceiling.
Time is not the only problem. Cantor and the just say NO to everything and anything conservative Tea Party members of Congress won't go for it.
Wrong sir. There is time. You MAKE THE TIME.
We talk so much in this country about government being efficient like a business. A business executive wouldn`t accept this excuse.
If they knew this why not come up with the plan earlier? Why did Coburn quit and then come back? Why can't congress do anything right? These people are the worst of the worst. They should all be looking for new jobs next November.
Some Republican leaders recognize the uncertain dangers of not raising the debt limit. They realize that the sudden drop in government spending could easily resolve itself in a dramatic drop in GDP, by some estimates a drop as much as 10%.
So, here's my question. If Republican leaders can recognize and do acknowledge the potential damage to the economy by such a sudden drop in government spending, then why is it they do not acknowledge the fact that their draconian cuts in our spending will have the same effect?
Well Harry, I guess you "leaders" failed to begin working this issue far in advance so perhaps you should tell our grandstanding hack President, he'll have to grant an extention OR not get one at all! No sane person would sign up to a Democrat promissary note in exchange for a deal!
thru the 14th Ammendment, the president has broad latitude to extend the debt ceiling unilaterally right now.
If a 2 week extension would help so it shall be done.
Maybe if Senator Coburn didn't walk-out. I find it odd now all of sudden at the last minute, he puts something on the table. It's as if Coburn knew it was too late so he did this as nothing more than a token gesture.
GANG is the best term for this group of CROOKS!
"Last-chance option to prevent U.S. government from defaulting on debt." ???
Lots of plans being thrown together. This one hasn't even been drafted or CBO scored.
Per the Constitution, the U.S. must honor its debts. So we must now just raise the debt ceiling!
GOP playing a game of chicken, trying to force their agenda on U.S., can result in wrecking U.S. economy!