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

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October 7, 2013 6:38 a.m.

Sen. Tom Coburn (R-OK) argued Monday that the notion the United States will default if Congress doesn’t raise the debt ceiling is pure “rumor.”

“Look, the debt ceiling and the [continuing resolution] are the same thing,” Coburn said on “CBS This Morning.” “There is no such thing as a debt ceiling in this country because it’s never been not increased and that’s why we’re $17 trillion in debt.”

“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]

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