October 16th, 2013
08:25 AM ET
6 months ago

Steve King: 'I don't believe it's a hard break tomorrow'

Washington (CNN) - Republican Rep. Steve King said he doubts any vote in the House to end the government shutdown and raise the debt limit will include legislation he can support, and reiterated his stance that Thursday's deadline to avoid default is nothing more than a date "picked on a calendar."

In an interview on CNN's "New Day" Wednesday, King said conservatives must continue to dig in and insist that any deal include long-term entitlement reform and a balanced budget amendment to the Constitution, two requests that are highly unlikely to make it into any agreement.

"If we're not willing to take a stand now, then when will we take this stand? We watched this thing move ahead and watched our debt go up a trillion dollars a year an average each year of this presidency," the conservative Republican from Iowa told CNN's Kate Bolduan.

He added "there's a price to be paid" for fiscal responsibility, and if "the conservative Republican plan had been implemented five years ago, say at the inception of what is now the Obama presidency, we would have far less debt and deficit."

King also said he's not so concerned if the government passes Thursday's deadline to raise the debt limit.

"I don't believe it's a hard break tomorrow. It's just a date they picked on the calendar," he said, saying the government will still be able to pay the interest on its debt. "I'm more concerned about market reaction than I am of default itself."

Thursday marks the day the Treasury Department will run out of special accounting maneuvers to keep the nation under the legal borrowing limit.

So from that point on, it will have to pay the country's incoming bills and other legal obligations with an estimated $30 billion in cash, plus whatever daily revenue comes in.

CNNMoney.com: Debt ceiling countdown: What happens next

The expectation is that Treasury will be able to pay bills in full for a short time after Thursday. Just how long isn't known. According to the best outside estimates, the first day Treasury will run short of cash to pay what's due could come between October 22 and November 1.

– CNNMoney's Jeanne Sahadi contributed to this report.


Filed under: Congress • Debt • Government Shutdown • Steve King
soundoff (24 Responses)
  1. The Real Tom Paine

    OK, sure: while we're at it, repeal the Law of Gravity, so we can fly our way to work at the Wal Marts King thinks are a great way to scratch out a living.

    October 16, 2013 08:31 am at 8:31 am |
  2. Rudy NYC

    "I'm more concerned about market reaction than I am of default itself."
    -------------------------–
    I am more concerned about the hard landing than I am of jumping off of a skyscraper. [ FIFY ]

    Well, I tried. I don't see any generic difference between those two statements. Do you? Some things just cannot be fixed.

    October 16, 2013 08:33 am at 8:33 am |
  3. Randy, San Francisco

    Republican Tea Partiers are so blindly committed to their ideology that they would rather sink this country into financial ruin than do what is right.

    October 16, 2013 08:38 am at 8:38 am |
  4. Tampa Tim

    Steve King has no understanding of economics. Iowa needs to get rid of this simpleton.

    October 16, 2013 08:39 am at 8:39 am |
  5. Evergreen

    "Its just a date the picked on the calendar" King says. I should tell my bank I don't have to pay my mortgage payment when due because it's just a date they picked. Also it was those interest only mortgage that helped caused the housing market crash.

    October 16, 2013 08:40 am at 8:40 am |
  6. Tampa Tim

    Steve makes Bachmann look like a genius.

    October 16, 2013 08:51 am at 8:51 am |
  7. cumulus

    Certainly not a hard break for him, this only effects the working class, and poor working class, rich are only going to come out better, just like last time .95% of wealth to the 1%.

    October 16, 2013 08:52 am at 8:52 am |
  8. Rick McDaniel

    Obama will deliberately make it as painful on the public as he possibly can......until he gets his way.

    He always does.

    October 16, 2013 08:52 am at 8:52 am |
  9. craig richard lysy

    First Mexicans having strong legs like mules to haul all the illegal drugs and now this. This man is an idiot, but what is more disturbing is the Iowans that elected him. Stupid, uneducated and truly clueless people such as this have brought us to this train-wreck. God save us from these anarchists and fanatics.

    October 16, 2013 08:58 am at 8:58 am |
  10. freedom

    If the president does not pay our debt, he is in violation of the constitution – no matter what. That is an impeachable offense.

    October 16, 2013 09:12 am at 9:12 am |
  11. The Real Tom Paine

    Its interesting. First, King and his cohorts try to pin personal suffering from the government shutdown they initiated on Obama, and they are now trying to downplay the significance of the default they will have led us into. King and his ilk have abandoned the concept of personal responsibility in favor of playing to their converts. What a wretched waste of human tissue he is. Oh, and Rick? you're right, Obama always gets his way, but the damage is due to the new secessionists you support.

    October 16, 2013 09:13 am at 9:13 am |
  12. Dominican mama 4 Obama

    and reiterated his stance that Thursday's deadline to avoid default is nothing more than a date "picked on a calendar."
    -------------------------------------------------
    I know what he means, after all my mortgage is due on the first of every month. That's just "a date picked on a calendar" by Wells Fargo as far as I'm concerned. But if I overlook said date I incur late fees, I get reported to the credit people, hell if I ignore it long enough I lose my house.
    Wanna try that again dingbat?

    October 16, 2013 09:14 am at 9:14 am |
  13. cumulus

    So if we continued on with the go plan bush was heading, we would be better off? Can you say that with a straight face? Wow, these people are crazy, and as long as their in the good side if extreme inequality it was working fine .they are simply afraid of the gravy train ending, and having to be in the contributing side of life: absolutely no compassion, money above all else, this is why the rich are lamented.

    October 16, 2013 09:16 am at 9:16 am |
  14. Bill

    King is an irresponsible twit and is a disgrace to the U.S. Congress.

    October 16, 2013 09:16 am at 9:16 am |
  15. What's in that tea anyway?

    @Rick McDaniel

    Obama will deliberately make it as painful on the public as he possibly can......until he gets his way.

    He always does
    ------

    Your usual clueless self I see Rick. They pay you for this type of tripe, but the return on the investment is zero, zilch, nada, because no one reading your posts is changing their positions. Most people know that the president has no constitutional authority to change anything during this GOP/Tea shutdown. Most have take a civics course or seen "School House Rock" at least once....meaning your posts are nothing more that faux and fools talking points. Good luck in your job though....I guess its good work if you can get it.

    October 16, 2013 09:16 am at 9:16 am |
  16. freedom

    How do the democrats defend the selectivity of the enforcement of Obamacare? The unfairness of it applies to everyone in the country – democrats are not exempt. This president is only looking out for his own agenda – not the citizens of this country. And he's infringing on the constitution – which is an impeachable offense.

    October 16, 2013 09:30 am at 9:30 am |
  17. A Kickin' Donkey

    Dear Japan, Would you please co-sign for our loan from China?

    October 16, 2013 09:31 am at 9:31 am |
  18. freedom

    How do the democrats defend the selectivity of the enforcement of Obamacare? The unfairness of it applies to everyone in the country – democrats are not exempt. This president is only looking out for his own agenda – not the citizens of this country. And he's infringing on the constitution -

    October 16, 2013 09:31 am at 9:31 am |
  19. S. B. Stein

    Mr. King of Iowa should state his credentials when it comes to his economic understanding. I think that people like Rand Paul, Steve King and others that deny this kind of information need to show why they believe this rather than just spouting the words. Do the know and understand the full implications of what they are doing? Ideologues can't understand that there are reactions to actions; free markets aren't always a good thing because they need corrections.

    October 16, 2013 09:56 am at 9:56 am |
  20. John in Brooklyn

    King is not only irresponsible, he's also arrogant. Since when is he an economist?

    October 16, 2013 10:07 am at 10:07 am |
  21. Tony

    Republicans use the debt ceiling for leverage but they insist that it does not really hurt. It is like saying that they may shoot the hostage, but the hostage won't necessarily die. If the hostage does die, he won't suffer much.

    October 16, 2013 10:07 am at 10:07 am |
  22. Al-NY,NY

    Tampa Tim

    Steve makes Bachmann look like a genius.
    -------------–

    you just scared the bejeesus out of me Tim......

    October 16, 2013 10:26 am at 10:26 am |
  23. Richard

    I am familiar with Steve King, because he happens to be a representative of a district across the river from where I live. Though he may be on the right side of a couple of issues, he has absolutely no clue on this one. It is hard for me to believe that he and others who have initiated this situation are willing to screw their own people. To me, its treason. Then again, you have to have an understanding of the IQ of the idiots who voted for him. These are not the most intelligent members of the electorate. On this side of the river we have a congressman who has stepped in his own "dodo" and will probably be fighting for his re-election next year. I say do not wait for next year's election, and say impeach them, confiscate their assets, and find a jail cell next to Bubba for each of them.

    October 16, 2013 10:33 am at 10:33 am |
  24. Babyboomer

    I'm thinking we now need to have some proof that people elected to the House and Senate have passed at least Economics 101 in order to serve. It's clear that some of these folks are clueless. Also, several posts mentioned missing mortgage payments but actually that applies to every debt we have. Miss a few credit card, car, student loan, etc, etc, etc., payments and see what happens. If these guys think we can pick and choose who we will pay, they are out of their rabid "A" minds...

    October 16, 2013 11:00 am at 11:00 am |