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Tom Coburn: US Won't Default If Congress Fails To Raise Debt Ceiling

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AP Photo / Sue Ogrocki

"And I would dispel the rumor that's going around that you hear on every newscast that if we don't raise the debt ceiling, we'll default on our debt. We won't," he continued. "We'll continue to pay our interest, we'll continue to redeem bonds and we'll issue new bonds to replace those. So it's not entirely accurate."

Republicans are considering merging re-opening the federal government with the upcoming fight to raise the debt ceiling. Both President Barack Obama and Treasury Secretary Jack Lew have warned of potential dire consequences on the country's economy if the debt ceiling is not lifted by the Oct. 17 deadline.

[h/t Huffington Post]