Cochran weighs in on debt crisis

BILOXI, MS (WLOX) - The debt debate in Washington continues as Senators meet Sunday to come to an agreement on the nation's spending.

Senator Thad Cochran voted against invoking cloture on the Reid Debt Ceiling proposal.

"I remain hopeful that an agreement will be reached in short order. The House, the Senate and the President must come together on a credible deficit reduction plan to accompany any debt limit increase," Cochran said. "Spending reductions should be at least equal to the amount of the debt ceiling increase, and the agreement should compel adoption of additional long-term reforms and cost controls in government programs."

Former Congressman Gene Taylor also weighed in on the debt crisis.

"They have to draw the line and have to make substantive changes and one of those has to be a balanced budget amendment to the United States constitution," Taylor said. "No strings attached, just a balanced budget amendment, no frills, no gimmicks that says you can't spend more than you take in. It is going to cause belt tightening, some pain. But if we care about our country and we want it to last we don't want it to go bankrupt."

Senate Majority Leader Harry Reid's debt plan did not pass the House on Saturday on the heels of House Speaker John Boehner's bill being rejected Friday night.

During President Obama's weekly address he said a weaker economy, higher interest rates and having to scale back on education and Medicare all could be a result if an agreement on the nation's debt crisis is not made.

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