Sen. Nelson: debt ceiling law hurts economy, Medicare

Omaha, NE – U.S. Senator Ben Nelson says he voted against the debt ceiling law because it would hurt Medicare and isn't a compromise.

Nelson discussed the bill during a media availability Thursday in Omaha. He's the only member of Nebraska's Congressional delegation to vote against the bill. It raises the debt ceiling and makes two-trillion dollars in cuts.

But Senator Nelson believes the debt ceiling law is bad for the economy and jobs. "The endless exercise of this elocution and debate is certain to do one thing: it'll continue uncertainty for Nebraska businesses and families, and it'll hold back job growth and the recovery of our economy, which is already fragile and reversible."

Nelson says it's possible the U.S. bond rating could be downgraded, even with an increase in the debt ceiling. And he's skeptical that a so-called "super committee" of lawmakers will be able to agree on two-trillion dollars in cuts.