With less than a week until possible default, Republicans are putting an already weak housing market at risk by refusing to work with Democrats on an agreement to pay our nation’s bills and reduce the deficit. An article in today’s National Journal explains how failing to pay America’s bills would cause interest rates to soar, which would weaken the housing market and have a real impact on American families:
National Journal
Another Hit for Housing?
The debt-ceiling impasse could make the biggest economic weight even heavier.
by Jim Tankersley
PRESS STAFF BLOG: Jul 28, 2011
There’s a USA Today editorial about how far House Republicans have strayed from their conservative hero, President Ronald Reagan, which begs the question:
Rather than cling to the Republican Default Act that has no chance of passing the Senate, House Republicans should take a page from President Reagan’s playbook and work with Democrats on a long-term, balanced agreement to pay our bills, reduce the deficit and bring certainty to our economy. Here’s the full editorial for your enjoyment:
USA Today
PRESS STAFF BLOG: Jul 28, 2011
Today’s NY Times editorial highlights how Republicans are putting our economic security at risk by refusing to compromise on a debt limit proposal. With the Dow dropping over 400 points in four days and our credit rating at risk of downgrade, we’re running out of time to ensure we pay America’s bills. Democrats continue to urge Republicans to work with us on a long-term, balanced agreement to pay America’s bills, reduce the deficit and bring certainty to our economy.
NY Times Editorial
July 27, 2011
America’s Credibility Is at Risk
PRESS STAFF BLOG: Jul 27, 2011
Wanted to be sure you saw this WSJ article about the uncertainty American businesses are feeling as Republicans continue to hold our economy hostage to Speaker Boehner’s short-term debt limit proposal that is dead on arrival in the Senate.
Key Point: “All the uncertainty comes just as businesses were starting to spend some of their record piles of cash. The confusion is also giving them another reason to delay hiring and investment.”
PRESS STAFF BLOG: Jul 27, 2011
There are three reasons Democrats want to pass a long-term deal to get a handle on our deficit problem, avoid default and give businesses certainty:
1.) Jobs
2.) Jobs
3.) Jobs
There are three reasons Republicans are insisting on an irresponsible short-term deal that has no hope of passing the Senate. As John Boehner told a radio host today, according the New York Times:
1.) “Barack Obama hates it”
2.) “Harry Reid hates it”
3.) “Nancy Pelosi hates it”
PRESS STAFF BLOG: Jul 27, 2011
According to this Weekly Standard column by Bill Kristol, conservatives should side with Speaker Boehner. Not because it will avoid economic catastrophe or stave off our country’s first default in its history, but because it will be a “victory over Obama.”
Key excerpts:
PRESS STAFF BLOG: Jul 27, 2011
For those who’ve thought that House Republicans’ actions these past several weeks bear a close resemblance to a two year-old’s tantrum, you should check out this Business Insider piece. It should serve as a reminder to Republicans that they can’t just throw a hissy fit when they don’t get absolutely everything their way. Instead of “storm[ing] off” and “forcing the US into default,” it’s time for Republicans to work with Democrats to pass a long-term, balanced solution to reduce our deficit, pay our bills and give our economy the certainty it needs.
America cannot afford a GOP temper tantrum. The costs of default are too great.
PRESS STAFF BLOG: Jul 27, 2011
Wanted to pass along this NY Timesarticle highlighting how a credit rating downgrade would be felt across the nation—slowing economic growth “for years to come,” hurting job creation and increasing the deficit.
Key excerpts:
PRESS STAFF BLOG: Jul 27, 2011
A look at the morning headlines shows Speaker Boehner is facing opposition from a significant number of conservative Republicans, who won’t vote for his short-term proposal to pay America’s bills. With less than a week until possible default, we don’t have time for the Speaker to rewrite his bill, which is destined to fail in the Senate. Instead, it’s time for Speaker Boehner and House Republicans to work with Democrats on a long-term, balanced approach to ensure we pay our nation’s bills, reduce the deficit and give certainty to the markets.
WSJ: Boehner Plan Faces Rebellion
PRESS STAFF BLOG: Jul 27, 2011
Not only does Senator Reid’s long-term, balanced debt limit proposal give our economy more certainty than Speaker Boehner’s short-term bill, but it also reduces the deficit more than the GOP plan. So, our question of the day is this: which proposal should the House consider?
Senator Reid’s Proposal: “CBO estimates that this legislation would reduce budget deficits by about $2.2 trillion between 2012 and 2021 relative to CBO’s March 2011 baseline adjusted for subsequent appropriation action.”
Or