A WSJ/NBC poll released today shows Republicans who continue to deny the catastrophic consequences of failing to pay our bills are out of touch with the majority of Americans. According to the poll, most Americans believe default would be a “a real and serious problem.” Democrats are committed to avoiding the consequences of default and continue to advocate for a large, balanced package to reduce the deficit and ensure we pay our nation’s bills.
WSJ/NBC Poll: Americans Take Debt Ceiling Seriously
PRESS STAFF BLOG: Jul 19, 2011
Wanted to make sure you all saw this White House blog post on Republicans’ “Cut, Cap and End Medicare” bill, an extreme proposal that increases our chances of default and makes the same drastic cuts as the Republican budget, which ends Medicare and drastically cuts Medicaid, while preserving tax breaks for the wealthy. Democrats continue to urge Republicans to work with us so that we can enact a large agreement to reduce the deficit and ensure America pays its bills. But instead of acting quickly to avoid the catastrophic consequences of default, Republicans are wasting time with a symbolic vote on this bill that will not pass in the Senate and the President has said he would veto.
The White House Blog
PRESS STAFF BLOG: Jul 18, 2011
This afternoon, Fitch Ratings announced it will place the U.S. credit rating in “ratings watch negative,” which could lead to a credit rating downgrade if America fails to pay its bills. With all three major credit rating agencies reiterating their threat to downgrade the nation’s credit rating and only two weeks until a potential government default, it’s time for Republicans to work with Democrats on a big compromise to reduce the deficit and pay America’s bills so that we can give businesses and markets the certainty they need, and prevent the increase in the deficit that would happen if we were to default on our bills.
Politico
PRESS STAFF BLOG: Jul 18, 2011
We here in the Democratic Whip Press shop will give Republicans credit for their transparency. They are not even trying to hide the fact that their “Cut, Cap and End Medicare” bill would end the program’s guarantee.
Republican Study Committee Chairman Jim Jordan said yesterday the plan “basically mirrors the budget proposal that the House passed this year.”
That would be the same Republican budget proposal that ends the Medicare guarantee and more than doubles heath care costs for seniors, all while preserving tax breaks for the wealthy.
PRESS STAFF BLOG: Jul 18, 2011
Republicans concerned about reducing the deficit should take note of this article in Roll Call today that explains how failure to pay our nation’s bills would actually increase the deficit and “push the economy back into recession.” Though Republicans claim that deficit reduction is one of their top priorities and argue that it is critical to boosting the economy and creating jobs, they are bringing a bill to the Floor this week that increases the risk of the U.S. defaulting, therefore increasing the risk of adding to the deficit.
PRESS STAFF BLOG: Jul 18, 2011
Wanted to be sure you saw this article in Politico today on the consequences of failing to pay our nation’s bills. Republicans need to take these warnings from financial experts seriously and work with us on a big, balanced agreement to ensure we pay our bills, reduce the deficit and avoid these catastrophic consequences of default.
Key Excerpts:
PRESS STAFF BLOG: Jul 18, 2011
Wanted to make sure you all saw this article in Politico this morning on the GOP’s increasingly out-of-touch demands on the deficit negotiations, even as we risk America not paying its bills.
Democrats remain ready and willing to work with Republicans on a balanced package that includes both revenues and spending cuts, and continue to advocate for a big, comprehensive package to reduce the deficit.
PRESS STAFF BLOG: Jul 15, 2011
Wednesday, Moody’s Investors put the U.S. under review for a credit rating downgrade:
“The U.S., rated Aaa since 1917, was put on review for the first time since 1995 on concern the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes even though the risk remains low, Moody’s said. The rating would likely be reduced to the Aa range and there is no assurance that Moody’s would return its top rating even if a default is quickly cured.”
PRESS STAFF BLOG: Jul 14, 2011
Do Republicans really want to stop America from paying its bills? Conservative economics writer Megan McArdle explains just how ugly the consequences will get if the debt ceiling isn’t raised:
Are you really going to just stop funding current military operations on August 3rd? You're going to leave a bunch of guys sitting in Iraq and Afghanistan and Libya with tanks and automatic weapons and no way to get them home?Going to empty the prisons? How many guards do you think turn up for work when you stop paying them?
PRESS STAFF BLOG: Jul 14, 2011
The American people know we have to pay our bills, that’s why 74% of Republicans and 77% of independents believe that a deficit agreement should include a mix of revenues and spending cuts, according to a recent Gallup Poll.
Business leaders know we have to pay our bills, that’s why a group of leading business organizations are urging lawmakers to agree to a comprehensive deal to ensure that America pays its bills and reduce the deficit.