2012 Election: Carnahan Talks Debt Ceiling Dilemma

The impending debt ceiling deadline and the consequences of a potential default were the main discussion points for U.S. Rep. Russ Carnahan during a Monday appearance in St. Louis County.

The Missouri Democrat spoke to a small group of seniors at the . He began by noting the political division in the nation's capital. 

He said approving an increase in the roughly $14.3-trillion debt limit and reducing the nation's debt in the long-term was the top job in the coming weeks.

"We can fight all day long, get nothing done and hurt the economy, or we can roll up our sleeves and get this done," he said.

The U.S. Treasurey Secretary, Timothy Geithner, said the limit needs to be extended by Aug. 2 or the country would default on its debt, according to a New York Times report. The White House's budget director, Jacob Lew, said a default could lead to a financial crisis, according to an article in the Wall Street Journal.

"We have to get that done," Carnahan said.

Speaking to reporters beforehand, he said a balanced approach is needed, and said he was confident a deal to extend the ceiling would be reached by the end of this week.

When talking to the around 20 people at the event, Carnahan described the resistance to raising the debt limit as political grandstanding.

"What is new and dangerous is that people are doing it in a way that could drive our economy off a cliff," he said, alluding to Republican opposition to an increase without large concessions.

He added that older citizens shouldn't bear the budget pain—it should be spread out fairly. He specifically cited oil corporations and wealthy individuals who he said "should pay their fair share."

Affton resident Mike Wickell agreed. He listened to what Carnahan said and was impressed. Regardless, he feels like that an eventual compromise will likely leave seniors bearing the brunt of the cuts.

"It shouldn't, but it will," he said.

If programs like Social Security are cut, Carnahan said he wants those cuts to come from areas that won't impact benefits for seniors, such as administrative costs.

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