Toomey: Breaching debt ceiling does not mean ‘default’

He also said some bond traders are willing to see a technical default in exchange for spending cuts, but he does not want to test this hypothesis. Rather, he wants the administration to promise to pay bondholders first, something that would be required by his Full Faith and Credit bill.

Toomey said the debt ceiling might be the last chance in this Congress to get the administration to accept spending cuts. “The window of opportunity is closing,” he said.

Toomey was clear in expressing his disappointment with the deal of 2011 spending worked out between the administration, Senate Democrats and House Speaker John Boehner (R-Ohio).

“The reality is the CR did not change the direction of the path we are on,” he said.

He added that he was not criticizing Boehner.

He compared the continuing resolution talks to a sheep having a discussion with two wolves about what’s for dinner.

“I think Speaker Boehner did the best he could,” he said.

Toomey also said he will vote for the House-passed budget when it comes up in the Senate next week.