Mike McFadden on Budget & Economy

	Mike McFadden on Budget & Economy

We've been spending like a drunken sailor

Q: Every few years, Congress fights over the federal debt limit. Would you have any preconditions on whether you'd support raising the debt limit?

A: We're looking at close to $17 trillion in debt now. It represents almost 80% of our GDP, and that's problematic. As it comes to debt ceiling negotiations, I would be front and center in any part of those negotiations, and I think what needs to be measured is, on one hand, we need to provide some fiscal constraint in terms of government spending. We've been spending like a drunken sailor and we have to stop that. That's got to be measured against what that does to our credit in the world market for borrowing money if we violate our debt covenants.

Source: Minneapolis Post on 2014 Minnesota Senate race , Jul 15, 2013

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