Rep. Steve King (R-IA) made it clear that he won’t vote for anything that comes out of the House or Senate “in the next 36 hours” and told “New Day” Anchor Kate Bolduan that “there’s a price to be paid” for fiscal responsibility.
He went on to say that he is not worried about default and the country will have “the revenue stream to pay” entitlements past tomorrow’s deadline, but it will get “really tough in a relatively short period of time.” Pointing out that the United States credit rating was downgraded after the government raised the debt ceiling the last time, Rep. King wants to have a conversation about entitlement spending, a balanced budget amendment and the national debt.
“I’m not worried about this thing that they term default because we are going to service our debt,” Rep. King said. “We’re going to pay the interest first and we’ll roll the principle over. It takes 8% of our revenue stream on average in order to pay the interest on our debt. A well-managed national funding stream will be just fine. But I am concerned about all the rhetoric around this about the weeks and months building up to this point and the utilization of that term default, and I’m concerned it will scare the markets. I’m concerned that the President’s remarks on this will scare the markets.”