Weekly GOP Address with John Kyl

Senate Majority Leader Harry Reid (D-NV) has already tabled the Boehner debt-ceiling bill. But in today's Weekly GOP Address, Sen. John Kyl of Arizona confronts the seriousness of the debt-ceiling crisis.



Kyl explains, "By now, most Americans know that lawmakers in Washington are engaged in a difficult debate about the nation's 'debt ceiling,' the legal limit to the amount of money the federal government can borrow. The debt ceiling is currently set at a little more than 14 trillion dollars, and if Congress and the President don't reach an agreement to raise it by this coming Tuesday, the Treasury Secretary tells us America will no longer be able to pay all its bills. The consequences of missing this deadline could be severe, precisely because Washington borrows so much money -- more than 40 cents out of every dollar it spends. So, spending would have to shrink by 40 percent very quickly. What's more, markets would likely respond, dropping in value and hurting the retirement savings of millions of Americans. Republicans have tried to work with Democrats to avoid this result and put our country on a better path, but we need them to work with us. "

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