The new U.S. Senator for Texas – Republican Ted Cruz – was sworn in today in Washington, D.C.
In a conference call with reporters, Cruz said he’s ready to use the debt ceiling as a negotiating point to reduce government spending, even though President Obama said raising the borrowing limit should not be up for debate.
“I know he said that and I’m sure he would like not to discuss it," Cruz said. "It appears the president would like to simply keep taxing and spending as if the law of mathematics do not apply.”
The last debate over the borrowing limit in 2011 brought the government close to defaulting on its debt. Four days after an agreement was reached, Standard & Poor's downgraded the US government’s bond rating for the first time in history. The current debt limit is $16.4 trillion.