He said today (Monday) he realized the dire consequences this would have on the economy but also said the national debt of $17 trillion is not sustainable and would cause a massive economic downturn for generations to come.
Congressman McCaul says this concern is before a ‘super committee’ of the Congress and hopes they can resolve the nation’s debt problems.
All 144 votes against the raising of the debt ceiling were from Republicans. McCaul warns that the debt would result in rising interest rates and the only way to control it is to reduce and reform entitlement spending. He says the defense budget has already been cut drastically.