Jeff Bingaman United States Senator from New Mexico

The first vote on the Reid plan in the Senate is expected to take place at 1 a.m. Sunday, August 1.

Bingaman has said he believes Congress should be taking a balanced approach to dealing with our debt by both making budget cuts and increasing revenue.  However, Bingaman said he will vote for the Reid proposal despite the fact it does not include a plan for raising additional revenue.

“This proposal is not the balanced approach I would prefer to take.  But to avoid default, I am willing to vote for it because I believe it is a credible first step,” Bingaman said.

At a Capitol Hill news conference this afternoon, Reid said he is open to working with Republicans today to make adjustments to his proposal to gain bipartisan support.

Bingaman has pointed out many times that Congress both passes the laws that determine how much revenue the federal government collects and how much the government spends.  He believes it is irresponsible for Congress to threaten the economy now by now dragging its feet on whether to allow the U.S. Treasury to borrow to meet spending Congress has already authorized.