No Deal Reached on Whether the Debt Ceiling Should Be Raised

By Scott Sarvay

July 21, 2011 Updated Jul 21, 2011 at 7:36 PM EDT

WASHINGTON (Indiana’s NewsCenter) - There are just 12 days left until the U.S. loses its ability to borrow money to pay its debts.

The Senate took up the issue of “Cut, Cap and Balance bill, which recently passed in the House. Senate Democrats openly mocked the bill.

But what they all can agree on is that default must be avoided.

White House Press Secretary Jay Carney says, “The fact is that there is no progress to report, but we continue to work on getting the most significant deficit-reduction package possible.”

There were no meetings scheduled Thursday at the White House and the House, where any spending bill would have to originate, has decided to take the weekend off.

But Senator Dan Coats says Hoosiers are concerned about how the debt ceiling will affect their lives.

Senator Coats says, “We're careening toward a point where some people won't get checks, and we just can not allow that to happen. Promises have been made and they need to be fulfilled. By the same token we simply are not going to let the President simply say, 'I'm going to solve this problem by borrowing more money from the Chinese,' running up our deficit, running up our debt, and putting us at an ever dire situation.”

The deadline for an agreement is August 2nd.

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