U.S. Senator Tom Coburn, M.D. (R-OK) released the following statement tonight regarding the breakdown in debt reduction talks:
"Raising the debt limit without addressing the cause of our debt -- out of control spending, especially in entitlements -- will be as damaging as a default. Doing nothing will be a tax increase, a benefit cut for seniors and the poor, and a betrayal of the values both parties hold dear.
"The American people have lost patience with Congress' refusal to live within its means. It's time for Washington to stop making excuses and start making the hard decisions that are necessary to put our fiscal house in order.
"I commend Speaker Boehner for putting forward, and passing, a plan that will avert a default. I'm disappointed the president has failed to do the same.
"I'm also disappointed the president's references to the Gang of Six proposal were inaccurate and misleading. Sadly, he has undermined the fragile bipartisan consensus that was forming around a possible solution.
"Speaker Boehner may have no choice now but to pass a debt limit increase that is paid for not just with matching cuts, but additional cuts in order to pay for the interest costs associated with servicing our debt. If the president vetoes such a plan he will be sending the nation into default and will be collectively punishing every American because of Washington's incompetence."