"I'm very concerned we're not going to be able to meet America's financial obligations," Coons said. "I hope that the Republicans are going to hear us saying 'yes.' Democrats in the Congress are willing to meet them, and to make trillions of dollars in reductions to federal spending.

 

"The next decade we can cut $4 trillion in federal spending. We can achieve real savings, and we've had plans on the table since March to do it in a bipartisan, responsible way. It's their intransigence, their refusal to consider any increase in revenue that has really stalled the talks so far."

 

Coons said he would support a "mini-deal" to raise the debt ceiling, but only if it were part of getting agreement on a bigger deal.

 

"I do think that we can't afford to default on America's financial obligations," Coons said. "What's coming up on August 2, something we've been warned about for months, is the equivalent of defaulting on America's mortgage."