While Republicans wasted time this week on a partisan Default Bill, U.S. stocks posted the biggest weekly decline in a year. Our economy needs certainty, but Republicans continue to hold it hostage to their ideological agenda. With only a few days left until a potential default, Republicans must work with Democrats on a long-term agreement that pays our bills, reduces the deficit and gives businesses and the markets certainty they need.
From the Wall Street Journal:
PRESS STAFF BLOG: Jul 29, 2011
How much is Republican hostage-taking costing America? According to Third Way’s analysis of the S&P 500 Index, “from the moment Speaker Boehner walked away from the table last Friday to the opening bell this morning, shareholders in U.S. stocks have lost $405 billion.” In addition, the Down Jones Industrial Average has dropped 483 points since Speaker Boehner’s most recent walk-out.
PRESS STAFF BLOG: Jul 29, 2011
Good afternoon, and welcome to “The Blame Game.” Let's meet our contestants:
John Boehner: Downgrade Of U.S. Credit Rating “Beyond My Control”
Boehner Spokesperson: “If we pass this today, we will have sent not one, but two bills to the Senate that would end this crisis.”
PRESS STAFF BLOG: Jul 29, 2011
A look at the headlines show the markets are looking for certainty. But instead of working with Democrats on a long-term, balanced compromise to pay our bills, reduce the deficit and give certainty to our economy, Republicans are wasting time with their partisan, short-term Default Bill.
Reuters: Futures drop after vote delayed on debt deal
“U.S. stock index futures fell on Friday after lawmakers in Washington delayed a vote on a Republican proposal to raise the U.S. government's debt limit.”
PRESS STAFF BLOG: Jul 29, 2011
Today’s headlines show it was a tough morning for House Republicans as they continue to push a short-term debt limit proposal that doesn’t have support within its own party and is destined to fail in the Senate. Rather than wasting time with a bill that will never reach the President’s desk, Republicans need to work with Democrats on a long-term, balanced agreement to pay our bills and reduce the deficit.
NY Times: House Puts Off Debt Vote as Press by Boehner Fails
PRESS STAFF BLOG: Jul 29, 2011
Harsh words for Republicans, but true ones, from economics writer Andrew Leonard:
The Republican Party is on the cusp of one of the greatest self-inflicted disasters since a crack cadre of two-bit bumblers broke into the Watergate Hotel. Early Thursday evening, John Boehner could not count on enough Republican votes to pass his own debt ceiling bill. Tweets from news reporters at the Capitol reported that the speaker was summoning recalcitrant representatives to his office and presumably using every means at his disposal to switch their votes from no to yes, but on Thursday he failed….
PRESS STAFF BLOG: Jul 29, 2011
Wanted to be sure you saw today’s Washington Post editorial on Republicans’ inability to say yes to any agreement and the need for bipartisan compromise in order to pay America’s bills. Instead of wasting time we don’t have on a short-term bill that Republicans can’t even convince their own party to support, it’s time for Republicans to work with Democrats on a long-term, balanced compromise to pay America’s bills, reduce the deficit and bring certainty to our economy.
Key points:
PRESS STAFF BLOG: Jul 28, 2011
While Wall Street is urging Congress to take action quickly to pay America’s bills, Republicans are wasting time we don’t have on a short-term debt limit proposal that doesn’t solve our problems and kicks the can down the road.
PRESS STAFF BLOG: Jul 28, 2011
We thought you should read this letter to the editor, in the Minneapolis Star Tribune, on the debt ceiling, written by former Republican Congressman Jim Ramstad. We hope Republicans are paying attention:
Flat-earthers in Congress are playing with fire on the debt-ceiling controversy, and the American people are about to get burned. Their denial of economic reality is both outrageous and dangerous.
The United States simply cannot default on its obligations and risk a financial system disaster. I plead with my former colleagues to wake up before they bring our country to its knees and do irreparable harm.
PRESS STAFF BLOG: Jul 28, 2011
As we debate on the Boehner Default Act that has no chance of passing the Senate, it is clear that Republicans are putting our economic security at risk by refusing to compromise on a debt limit proposal.
We already know what the polls say: The American people want a balanced compromise.
And now, editorial pages around the country are weighing in against Speaker Boehner’s plan.
Some highlights: