Richmond, Va. (Newsradiowrva.com) - Virginia senator Tim Kaine discussed the ongoing debate over the national debt ceiling on Wednesday, taking the opportunity to explain a bill he has helped introduce. Kaine said that debate over national budgeting is healthy and unproblematic, but debate over the debt is not.
The Senate and the House, controlled by different parties, will likely pass different budgets he said. The two will then meet to negotiate a compromise. What should not be up for negotiation, according to Kaine, is "whether or not america pays its credit card bills."
As a result, Kaine is one of two senators introducing the "Protect Our Credit" Act. The bill, according to Kaine, would codify a budgetary solution first used by Republican senator Mitch McConnell in 2011, granting the president authority to raise the debt ceiling, subject to a resolution of disapproval from congress.
Kaine emphasized repeatedly the negative impact that America defaulting on its debts on the economy. "The risk of default," he said, "is massive. It has massive risks for the perceived stability of the U.S. economy."
