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House Democrat Has Own Debt Plan?

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    Rep. Henry Cuellar on his vote against raising debt ceiling, budget proposal

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-- you a member of congress would you vote to raise the debt ceiling we asked that question in art latest Fox News opinion dynamics poll.

35% say yes but an overwhelming 60%.

Are saying no.

Joining me now a lawmaker who was -- -- that dilemma at Texas Democrat Henry -- our congressman welcome great to have you on board today.

Thank you so much thank human.

You one of the few Democrats who actually voted against raising the debt ceiling now even though cut -- and balanced.

Calls for balancing the budget and also raises the debt ceiling you're vote.

Falls in lockstep with the Tea Party backed freshman in the house.

Are you taking heat for this vote.

But no I think I think everybody understands there weren't a very difficult situation -- trying to find a way that we can get a bipartisan.

Group together that can work something about -- and you know one way or the other we don't we have to find a solution we can't walk away I don't think so great -- book called.

You know back when we were facing this TR some months ago people were saying this is a tough vote -- to say no wait till we get to the debt limit.

-- faces some difficult times and look where we are right now.

A source saying that the way the president publicly admonished speaker Boehner and the GOP last night makes it even more difficult to get a deal done at all.

And they continues to use scare tactics to to boost his own political fortunes what do you make of that.

Well you know again I think the best situation is not have anybody walk away and not attack each other because.

You know I'm very intense negotiations the parties have to have some sort of trust among them each other any -- don't have that trust it's kinda hard.

To really sit down.

And work out a compromise so to all parties I think you know -- for does the rank and file members you know we all Democrats and Republicans.

What way to prod leaders to come up with something keepers and form so it's something that can has.

-- a bipartisan way because look.

-- does not have 218 votes He doesn't.

He the only way -- can do it is just like He did on the CR.

He's got I have some Republicans he's got to have some Democrats the Republicans on the far right -- -- -- -- that the Democrats and the far left are gonna say no.

It it's will be among a lot of those together Democrats and Republicans that I have to come.

What it's up to that we can support.

Well you know we're hearing right now with tensions so high at this point and that what we may see now is a short term deal can you live with that.

You know I prefer not to do -- short term geek buddy by half to to avoid a default because you know when you have a default the Iraq.

I think is that the interest rates are gonna go up there wouldn't be paying more -- deficit you know we'll let you know this very well do you go to a -- And you're in -- your credit rating is not good -- bankers -- a charge of more interest you gonna be paying more later on that's exactly what's gonna happen to to the federal government.

You know but I -- wrote to congressman we you know that we do have taxes that will still be coming end.

There'll be money still coming in from the government that we actually will have money to pay off our bills.

It's how we pay those bills that will be the tricky part.

Well well look every year every month there's eighty million payments that the US treasury pace.

About you know 12930.

Billion dollars of -- will go out to pay interest.

Then after that somebody has to prioritize are they gonna pay social security and Medicare veterans.

Law enforcement or they're gonna pay.

Because the taxes like you said yeah you're right.

Income comes second but the extent that jurors are exceed the income by eight by 40% -- 40% of that has to be cut.

Who are we gonna pay that's the priority and look let let's look at the last that we had a technical default.

In 1979 the treasury.

A printed prices went down.

And guess what happened the basis points went up even JPMorgan says -- that if there's a default -- bases are gonna go up which means that we.

-- the borrowing costs are gonna go up so I prefer not to have.

A short term extensive but He we have to do this to prevent a default by will consider that but -- I preferred to make some structural changes like a balanced budget amendment.

Got it all right -- congressman thank you very much -- gonna keep close tabs not a bad standout we appreciate your comments.

-- and play -- from the great state of Texas thank you.

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