July 11, 2011
The August 2 deadline looms large as President Barack Obama and congressional leaders work to reach a deal to cut government spending and raise the nation's borrowing limit. Members of the Treasury Department say the U.S. will default on its debt if the issue is not resolved and the debt ceiling raised.
Monday was the second straight day of talks. Congressman Robert Hurt (R-5th District) says poor spending habits have driven America deep into debt.
“We got into this financial mess because we're spending too much, not because we haven't been taxing people enough or that we don't have enough revenue. The problem is that we are spending too much money,” Hurt told CBS19 in a one-on-one interview.
The national debt has topped 14 trillion and includes another 1.6 trillion in deficit spending. Hurt says the federal government should look to Virginia as a model for balance.
“In the Virginia General Assembly we balance our budget; we don't spend more than we take in,” he explained. “That is the same sort of very simple discipline that should be expected in Washington.”
Obama says he knows his call for a large deal faces resistance. House Speaker John Boehner has said a smaller deal stands a better chance of passing on Capitol Hill.