Newt Gingrich on the Debt Ceiling

Republican presidential candidate Newt Gingrich touched on the debt ceiling issue at a meet and greet event at the Crowne Plaza Hotel in Nashua this morning.

Addressing a small group of New Hampshire locals, the former Speaker of the House said that both groups in the debt ceiling debate need to “get creative” in order to reach a decision before the Aug. 2 deadline.

“Obama wont sign a long-term debt ceiling that House Republicans will pass, and the House Republicans wont pass a long-term debt ceiling that Obama will sign,” Gingrich said this morning.

He believes the Cut Cap and Balance Act presented by Republicans is “reasonable and rational.” This would make large cuts in spending and cap spending in the future in order to balance the budget.

If both sides do not come to a compromise and make a decision regarding the debt ceiling, America could be facing an unprecedented government default.

Gingrich suggested that House Republicans should consider an American Energy Bill that would allow offshore drilling and exploration of possible energy resources within our borders.

“The royalties from that will offset the debt ceiling,” he said. He added that there would be an increase of American jobs and more money to use without raising taxes.

He said that he believes a decision will be made by Monday, but was critical of Obama running the risk of default over “pure ideology.”