Yarmuth: 'It's critical that we do raise the debt ceiling'

LOUISVILLE, KY (WAVE) - The clock is ticking for lawmakers to agree on what to do with the nation's debt ceiling. House Republicans are demanding equal spending cuts while President Obama and Democrats are pushing for higher taxes. One Kentucky congressman says it is critical that we raise the debt ceiling because the repercussions for the economy and every American could be serious.

The federal debt ceiling debate has stretched to Kentucky.

"I do believe that if we don't reach some form of an agreement that it'll push us back into some form," said Bernie Buren, co-owner of City Café on Broadway. "When the economy is bad, my business is bad."

Lawmakers are at odds over whether to raise the legal limit on how much debt the government can accumulate.

"What's happening now is basically the Tea Party members of Congress are trying to achieve their agenda, which they can't achieve in a normal way, by holding the economy hostage on this debt ceiling vote," said Rep. John Yarmuth (D-KY 3rd).

Yarmuth said it's critical to raise the debt ceiling. He cites the potentially serious repercussions for Americans.

"As of August 3, there's no guarantee that Social Security checks will go out," Yarmuth said. "Payments to Medicare providers, Medicaid providers, military active duty pay, veterans benefits - all of that will be jeopardized if we don't raise the debt ceiling."

That's a real concern for Buren. His parents are on Medicare and he's also worried about his business.

"If people are uncertain, or feel uncertain about the economy, they're less apt to spend money. To spend money, they'll see it as a frivolous expense; lunch. They'll start brown-bagging it," said Buren.

Yarmuth said he thinks a decision should be reached by lawmakers.

"I think we ought to have a vote up or down on raising the debt ceiling, like we've done over 100 times since the law was passed," said Yarmuth.

"I feel like a lot of people do," said Buren, "like they will reach an agreement. I'm real tired of the petty politics. I really am."

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