A senior member of the House Ways and Means Committee says it's time to stop playing political games when it comes to raising the debt limit.

Rep. Jim McDermott, D-Wash., told Fox News riders onto the debt bill could have unintended consequences.

"I've been through this and seen what happens when you have to pay 2 percent or 3 percent more to borrow money. They are playing with dynamite by not raising the debt ceiling and I think it should have been raised clean," McDermott said during an interview with "America's News HQ" Sunday.

McDermott was one of 97 House Democrats who voted to increase the statutory debt limit by $2.406 trillion. The measure failed during a vote on May 31.

The congressman said resolving the debt ceiling issue "is crucial for our place in the world economic system," adding that he's open to all ideas to balance the budget.

One option the Washington Democrat is proposing is letting the Bush-era tax cuts expire. "The deficit would go down by $533 billion," he said. "So, there are a lot of ways we can get there."

McDermott said bipartisan cooperation is key to closing the budget gap. "You have to sit down and talk about the details," he said. "I'm willing to do that. I was here in '94 in the Congress when we raised taxes and made cuts, and we balanced the budget under Bill Clinton."

"It can't be one way: your way or the highway."