Chuck Schumer actually said...

"But I am not talking about the long-term deficit. I am talking about renewal of the debt ceiling by such a little amount that month after month we would have to come back and renew it."

"Many of us have conflicted feelings about this approach because, on the one hand, it would ensure we do not default, but on the other, it does not make any headway in reducing our debt."

"But if we do not raise the debt ceiling after August 2nd, that would require us to stop paying almost half of our other bills, even if you paid back the debt."

"Thank you, Mr. Chairman."