(CBS News) — Sen. John McCain, R-Ariz., indicated on CBS’ “The Early Show” Monday that he would vote for the deal struck between the White House and congressional leaders on extending the maximum amount of the federal government’s borrowing authority, known as the debt ceiling, even if it meant having to “swallow hard” on cuts to defense spending.
“The important thing for us is to go ahead and get this thing done,” the 2008 Republican presidential nominee told “Early Show” co-anchor Erica Hill.
The deal announced Sunday night would increase the government’s $14.3 trillion debt ceiling by more than $2 trillion, which is projected to last through 2012. The deal depends on approval from both houses of Congress before Tuesday’s deadline, which is when the Treasury Department said the government will hit the debt ceiling.
“I wouldn’t have put that in there,” McCain told Hill. “I probably will have to swallow hard.”