Lummis contends there will be no financial disaster if the debt ceiling is not raised
Washington D-C – Wyoming's Congresswoman is digging in her heels over raising the debt ceiling. Cynthia Lummis said today that she remains unfazed by predictions of financial disaster in the event of a default.
President Obama and Treasury Secretary Timothy Geithner insist that dire consequences would result if the United States defaults on its current debt. Congresswoman Cynthia Lummis is among many Republicans dismissing those warnings.
"The United States has over two trillion dollars in financial assets, including stock in General Motors, as well as other financial assets."
Lummis signed a "cut, cap and balance" pledge vowing to withhold support for a debt limit increase unless there are substantial spending cuts, a cap on federal spending and a balanced budget amendment to the constitution.
The plot thickened this week when GOP leaders in the Senate floated a new proposal giving the President all the authority, and responsibility, to raise the debt ceiling and shield congressional Republicans from the political; consequences.