Yesterday, Treasury Secretary Jack Lew said that the debt ceiling would be hit in early February and he urged Congress to address the matter ASAP.
Tennessee Senator Bob Corker is in Davos, Switzerland, where he is going to speak on a World Economic Forum panel about U.S. competitiveness.
I asked him what to expect out of the upcoming debt ceiling battle.
Here's his full answer:
We just moved through the omnibus piece. I don't think there's been a lot of focus yet on the debt ceiling. I think people understand, on both sides of the aisle, that Washington has been a disrupting force that has impeded economic growth in our country. We need to figure out a way to, on the one hand, to always look for opportunities to constrain spending, and these moments have always been that — and let's face it, on both sides of the aisle through the years, when the debt ceiling has come up they've created an opportunity to get your fiscal house in order.
On the other hand, we did just go through an omnibus — a budget was passed. I have a sense that this one might not be quite as climactic as some of the others. But again, we're in a lull right now. People have been lulled to sleep on the fiscal issues that we have as a nation. That's unfortunate. Now's really the time that we should deal with those. It's a great time with the economy where it is right now. I can't predict what's going to happen. There will be some folks here from the governing bodies of our country. That's certainly something in private I'm sure there's going to be a lot of discussion about.
There you have it.
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