From AP - News Headlines -

Durbin Hits GOP for Debt Limit ‘Brinkmanship

(With additional reporting from The Associated Press)

U.S. Sen. Dick Durbin (D-IL) says House Republicans are pushing the country to the brink of an economic disaster. But with a debt limit deadline just over a week away, the Illinois Democrat himself opposes a plan that could temporarily avert default.

Durbin Monday talked of the dire consequences to interest rates, if no debt limit deal is reached.

"It is a decision by the Republicans to push us to absolute brinkmanship here and to risk this economy and the jobs that are associated with it," Durbin said at an unrelated press conference in Chicago.

Durbin said he wants a compromise. But he flatly dismissed Republican House Speaker John Boehner's short-term bill to cut spending by about $1.2 billion and extend the debt ceiling for about six months.

"This is exactly the wrong time to do this, with economies failing all around Europe, with our own economy under attack by those giving credit reports, we should not be lurching from one political and economic crisis to another," Durbin said.

Boehner's measure could come to a vote on Wednesday. House GOP leaders have scheduled a second vote Thursday on a balanced-budget constitutional amendment long favored by rank-and-file conservatives.

Durbin said he has been in contact with Democratic leader Harry Reid, who's pushing a budget-cutting plan that would extend the debt limit through 2012 - past next year's election.

With an Aug. 2 deadline rapidly closing, Congress and the White House had limited options to avoid a potential government default that could send the already weak economy into a damaging swoon.

Categories: Economics, Government, Politics