Jeff Bingaman United States Senator from New Mexico

Bingaman instead favors a longer-term solution that provides the economy with more certainty as Congress continues to negotiate an agreement for reducing the nation’s deficit.

The House proposal, which failed in the Senate, would have cut the deficit by about $1 trillion over 10 years in exchange for a six month increase in the debt limit.

Bingaman will vote for a separate proposal that cuts the deficit by more than $2 trillion over the next decade, while raising the debt limit for about 18 months.

In a speech he delivered on the Senate floor Wednesday, Bingaman pointed out 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.

“We must act now to raise the debt limit so that we can meet our obligations.  I favor an 18-month solution that provides more certainty to our fragile economy and gives Congress more time to develop a responsible, long-term deficit reduction plan,” Bingaman said.  “I hope that Congress can come to an agreement in the coming days.”