WASHINGTON — The clock is ticking toward the expiration of the nation's debt limit.
Without Congressional action, that deadline could arrive on June 1.
U.S. Sen. Tim Kaine (D-Virginia) said allowing the country to go into default is "foolish."
On Wednesday, Kaine said failure to raise the debt ceiling and pushing the country into default would hurt everyday people, drive up interest rates, and send the economy into a "significant recession."
He placed blame squarely on House Republicans, who thus far, have not budged on their demands for capping Fiscal Year 2024 non-Defense spending at FY '22 levels, which the Office on Management and Budget has projected could amount to a 22% cut.
Kaine said: "The threat that we'll default the full faith and credit of the United States for the first time in the history of the country unless you admit right now that we get our way, it's just bad faith."
The debt ceiling has been raised 78 times since 1960.