October 9th, 2013
10:47 AM ET

Sen. Tom Coburn: "There Is No Debt Ceiling;" Would "Rather Have A Managed Catastrophe Now"

Some Republicans see the debt limit fight as an opportunity to not only shrink the size of government but also to pay off interest.

Sen. Tom Coburn of Oklahoma tells "New Day's" Chris Cuomo the debt ceiling does not exist and default will not occur if it is not raised.

Coburn maintains that he wants to negotiate with Democrats and President Obama before raising the debt ceiling and funding the government.

“The debt ceiling has never not been raised, so there is no debt ceiling. And by having a debt ceiling and then raising it every time, it allows the politicians off the hook for making the hard choices,” Senator Coburn says.

“I’d rather have a managed catastrophe now, which I don’t think will be there,” Senator Coburn says. “Here’s the thing that all the media does – default equals not raising the debt ceiling. That’s not true…. Those are two different and distinct things. I’m not saying we shouldn’t pay our bills. What I’m saying is we should put ourselves in the position where we have to start making hard choices now.”

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