NATIONWIDE -- Senator Chuck Schumer was on the Sunday shows talking about the potential for agreement on the debt ceiling.
He has been advocating for a compromise from both sides and he wants a balanced approach to accomplish that as he says Democrats will look to keep Medicare, Medicaid and Social Security intact.
On CBS's Face the Nation, he told host Bob Scheiffer that lawmakers need to vote to boost the debt ceiling high enough to keep the nation financially stable through the 2012 presidential election, even though House Republicans don't seem ready to accept that.
Schumer says that while some progress is slowly being reached, there are still many details to hammer out.
"I feel a lot better today with the ability to avoid default than I did even yesterday morning. Default would have such disastrous consequences to our nation. The fact that the leaders are taking, even if I'm not sure hardly anyone agrees with everything their going to come up with,” said Senator Schumer.
He went on to say that from what he's seen in the talks with fellow senators, compromise has become a dirty word for many on the right, and that they need to show a willingness to compromise.
If a plan isn't worked out, it could lead to higher interest rates for Americans, as a result of a lowering of the nation's credit rating.