Representative Phil Gingrey Opposes Speaker Boehner's Plan to Raise Debt Ceiling

Representative Phil Gingrey, a Republican from Georgia and a member of the Tea Party Caucus, expressed his opposition to Speaker John Boehner's plan to raise the debt ceiling during an interview on CNN's "American Morning". Gingrey stated that he supports the "cap, cut and balance" approach, which would increase the debt ceiling to $2.4 trillion and require a balanced budget amendment. He emphasized that a balanced budget amendment is essential to constraining government spending, which has been a recurring issue throughout various Congresses.

Key Takeaways:

Representative Phil Gingrey opposes Speaker John Boehner's plan to raise the debt ceiling, citing that it doesn't go far enough in cutting spending.
Gingrey supports the "cap, cut and balance" approach, which would increase the debt ceiling to $2.4 trillion and require a balanced budget amendment.
He believes that a balanced budget amendment is crucial to constraining government spending and reducing the national debt.
Gingrey disagrees with Senator John McCain's assertion that tying a debt deal to a balanced budget amendment is foolish, citing that it's a unique opportunity to achieve fiscal reform.
He acknowledged that a default on the national debt would have severe consequences for the country, but believes that the risks associated with not taking a balanced budget amendment are greater.

Statistics:

The Congressional Budget Office estimates that Speaker Boehner's plan would cut $917 billion in spending over 10 years.
The national debt currently stands at over $14 trillion.
49 out of 50 states have a balanced budget amendment in place.
Standard & Poor's has already warned that a failure to raise the debt ceiling could lead to a downgrade of the country's credit rating.

Sources:

CNN's "American Morning" Interview with Representative Phil Gingrey (R-GA) on July 28, 2011.
Congressional Budget Office estimates.
Federal budget reports.