By Mark Scott
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-976080.mp3
Buffalo, NY – Congressman Brian Higgins will be heading back to Washington soon after the July 4th House recess, anxious to see what happens next in debt ceiling negotiations.
It's crunch time for House and Senate leaders and President Obama. With less than a month left now, they need to reach an agreement on raising the debt ceiling to avoid a catastrophic default.
Even if lawmakers are able to do so, some financial analysts say it's doubtful they can write it up in binding fashion and pass it by August 2nd. But Congressman Higgins said they have no choice.
It has become partisan. Republican House leaders walked away from debt ceiling negotiations last month. They want massive spending reductions without any tax increases.
Democrats argue it's not realistic to just cut without adding new revenues. Higgins, a Buffalo Democrat, says ending oil subsidies and closing corporate tax loopholes are actions most Americans would agree with.
U.S. Senator Charles Schumer of New York is more blunt in addressing the debt ceiling controversy. He said Democrats have the advantage, arguing the public will likely blame Republicans for any default since they were the ones to walk away from negotiations.