Corker: Reaching Debt Limit Underscores Need For Spending Caps

Sen. Bob Corker (R-Tenn.) said Friday that the potential harm of not raising the nation’s debt limit would pale in comparison to the impacts felt by not cutting spending.

“While some have suggested it will be catastrophic if Congress does not vote to increase the debt ceiling, I believe it will be more damaging if Congress allows this seminal moment to pass us by without finally getting our fiscal house in order,” Corker said in a statement.

Corker is a co-sponsor of the CAP Act, which would gradually bring all federal spending down to under 21% of GDP by the year 2021. Corker and other Republicans want the bill attached to a vote to raise the debt limit from its current level of $14.29 trillion.

Corker estimates that the legislation would result in $7.6 trillion less in spending over the next decade.