Five straight days of White House meetings with congressional leaders failed to produce agreement on raising the debt limit. Negotiators face an Aug. 2 deadline when the United States hits the ceiling on its borrowing power. "We are obviously running out of time," President Obama said at a Friday press conference. Sen. Bernie Sanders called it "a complicated and crazy time." Sanders and Sen. Sherrod Brown of Ohio discussed the high-stakes negotiations when they appeared together Friday on Thom Hartmann's nationally-syndicated radio program. [ LISTEN ]

Debt Ceiling 

There was a rising chorus of warnings about the consequences of failing to raise the limit on the nation's borrowing power.  The Chinese weighed in with their concerns. The Fed chairman foresaw calamity if Congress fails to act. The financial ratings services, Moody's and Standard & Poor's, threatened to downgrade the United States top credit rating, a move that by itself would drive up interest rates and make it more expensive to buy home and cars and to borrow for college. Sanders agreed that Congress and President Obama must do what's necessary to pay the country's bills.

Plan B 

Sizing up "the craziness and chaos," in Washington, Sanders said it may be better to raise the debt ceiling and "kick the can down the road" on deficit reduction. He warmed to a plan first offered by Senate Minority Leader Mitch McConnell. McConnell's motivation may have been to insulate his party from the political fallout likely to result if the country blamed Republicans for driving the country into default. Sanders' motivation was to protect working families. To him, separating the debt ceiling debate from the deficit reduction negotiations could avoid "savage cuts" sought by Republicans and stop the White House from doing serious damage to Social Security and Medicare.

Republican Cuts 

"You name it, they want to cut it," Sanders said. Right-wing Republicans in the House would let the United States default on its debt for the first time in history unless there are "savage cuts" in Medicare, Medicaid, education, environmental protection, nutrition programs, college grants and other programs.

Obama Cuts 

The White House offered to cut Social Security (by eroding cost-of-living adjustments) and undermine Medicare (by raising the eligibility age from 65 to 67). Sanders lambasted Obama in a Senate floor speech for straying from commitments he made during his 2008 campaign. "If you told the American people you're not going to cut Social Security, then don't cut Social Security. Keep your word," the senator said. "The American people are sick and tired of candidates who run for office and say one thing and then, after they are elected, do something very different."

Social Security 

The White House shift on the program that helps keep 50 million retirees and disabled people out of poverty was particularly baffling. "Where does this come from?" Sanders asked. "The president understands that Social Security hasn't contributed one nickel to our deficit. In fact, Social Security has a $2.6 trillion surplus today, and can pay out every benefit owed to every eligible American for the next 25 years."

Energy Independence 

The Senate energy committee on Tuesday considered a Sanders bill that would lower the cost of solar power and put the United States on track to install 10 million solar systems on homes and businesses by 2020. In Vermont on Monday, Sanders highlighted five Vermont businesses and schools that are leaders in the use of sustainable energy sources, from geothermal to solar. 

Watch the senator at the hearing »
Read more about the Vermont innovators »