Sen. Graham on debt deadline

Sen. Lindsey Graham (R-S.C) tells CNN’s Candy Crowley that he does not think either party can agree on a debt limit increase before an August deadline. A highlighted excerpt of this interview is after the jump, and a full transcript will be posted on CNN.com.

CNN Political Ticker:  Graham defiant over constitutional amendment

MANDATORY CREDIT: CNN’s “State of the Union” 

Highlighted Excerpt

THIS IS A RUSH FDCH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

CROWLEY:  Let me ask you about the so-called McConnell-Reid plan, which is not, as I understand it, completely put together yet, but it would allow the president to raise the debt ceiling in three increments between now and the end of next year, perhaps with some spending cuts attached. As a last resort, would you vote for that in order to avoid default?

GRAHAM:  No.  I am sticking with the balanced — I don’t have any confidence that anything Republican or Democratic leaders is going to lead to the solutions that we need.  It never has in the past.  I am looking for a win-win.

I am looking for a way to raise the debt ceiling, and we need to, but we need to address fundamentally what got us into debt.  Cut, cap, and balance gets us out of debt over a long period of time.  And it will have a balanced budget amendment requirement to stay out of debt.

I think that’s going to be the Republican position.  To me it’s a very sound position.  In all of these commissions…