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Senators to Obama: What's the Debt Ceiling Plan B?
CNBC.com | May 31, 2011 | 09:28 AM EDT

A long weekend does a body good. It recharges your batteries, allows you to catch up on unfinished business, and so on.

But if you're a member of the U.S. Congress, the extra day loafing around apparently didn't help you come up with new ideas for balancing our nation's check book. The finger pointing continues and the Obama Administration is passing the beleaguered buck to Congress.

With no resolution in site and August debt ceiling deadline looming, one wonders why Congress gets to take off in the first place. One of the biggest questions out there right now is a "contingency plan". The good ole Plan B. Does the White House have one?

Senator Ron Johnson (R-WI) along with 22 other Senators recently signed a letter to the President (pls put letter link here) asking him just that. I caught up with the Senator on what response he may have gotten from the President and what he fears as both sides try to come up with a compromise.

LL: You sent a letter to President Obama calling for a contingency plan if the debt limit isn't raised. Have you heard back from him?

Sen. Johnson: No.

LL: What kind of contingency plan would you like to see in place?

Sen. Johnson: Most importantly, I’d like to see President Obama stop the scare tactics and make an honest effort to work with Congress to pass a debt ceiling that includes hard caps on future federal spending.

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