Sen. Young says debt ceiling is "fair game" to negotiate spending cuts

Indiana US Senator Todd Young (R) says if Republicans take control of the Senate, leveraging the debt ceiling to cut spending is "fair game".

The debt ceiling is America's limit on borrowing. Social Security, government salaries, and much of the American economy at-large hinges on the debt ceiling rising, so the country doesn't default on its credit.

ABC News has reported if Republicans take control of the Senate, the party plans to use the debt ceiling in budget negotiations; raising concerns Republicans would target cuts to Medicare, Medicaid, and Social Security.

In a one-on-one interview with ABC57, Sen. Young, who's up for re-election, said Republicans do not want to get rid of those programs; but do need to make changes to make sure they're solvent.

"We can't be spending money like it's government money. It's taxpayer money. And the debt we accumulate will be paid off by our children and grandchildren," Young said. "So there are these leverage points, debt ceiling increase and keeping government funded, that have historically been regarded as fair game in order to get some principled and fair-minded concessions out of politicians who are always looking to the next election rather than the next generation."

Young's midterm opponent, Democratic nominee Tom McDermott, told ABC57 he believes benefits like Social Security need to be protected, not cut.

Treasury Secretary Janet Yellen has said it would be "disastrous for the American economy" if politicians do not raise the debt ceiling. 

Legislation calling for committees to review Social Security and consider financial reforms, which Sen. Young supports, has not gained traction.