Press Staff Blog
Republicans may want to check out a poll released by Quinnipiac University today showing that Americans trust President Obama more than congressional Republicans on the economy and agree with the President that deficit reduction must be done in a balanced way – not on the backs of seniors and the middle class. The poll makes it clear that Americans support a comprehensive package to reduce the deficit that includes both spending cuts and revenues, which President Obama and Democrats are fighting for as negotiations continue.
Wanted to be sure you saw this editorial in the Washington Post today on debt limit negotiations. It highlights the opportunity that would be lost if we do not work together on a comprehensive package to seriously address America’s fiscal challenges, which is what Democrats continue to fight for as negotiations proceed.
Today, two business leaders, US Chamber of Commerce President and CEO Thomas Donohue and Financial Services Forum President and CEO Robert Nichols, warned of the consequences of a default in a USA Today op-ed, putting pressure on Republicans to avoid the catastrophic consequences that would occur.
According to Donohue and Nicols, failing to ensure we pay America’s bills would mean:
Just who are Republican leaders taking their marching orders from on the debt limit negotiations? It certainly isn’t the American people.
Today, Federal Reserve Chairman warned of the “tremendous” consequences if Congress fails to ensure we pay America’s bills.
Key point: "It is a concern," he said before the House Financial Services Committee on Wednesday. He warned that a default on government bonds would send "shock waves through the entire global financial system.”
The Hill
Bernanke: Default would send 'shock waves' to financial markets
Surely Republicans aren’t actually rooting for the economic catastrophe that would occur if America didn’t pay its bills, but that’s certainly hard to tell from today’s NY Times article:
“Instead, many Congressional Republicans seem to be spoiling for a fight, calculating that some level of turmoil caused by a federal default might be what it takes to give them the chance to right the nation’s fiscal ship.”
Democrats are ready and willing to work with Republicans on a balanced agreement to ensure we pay our nation’s bills and reduce the deficit. But instead of coming to the table to address an issue they say is a top priority and is critical to economic growth, Republicans are walking away and risking our economy security while protecting tax breaks for the wealthy. Today on NPR Morning Edition, Norm Ornstein summed up the Republican strategy well:
Wanted to pass along this article in today’s Washington Post about the letter business leaders sent to Congress and the White House putting pressure on Republicans to agree to a comprehensive deal to ensure that America pays its bills and reduce the deficit.
While Democrats seek compromise on a large, comprehensive deficit reduction package, Republicans keep walking away in order to fight for tax breaks for the wealthiest Americans while advocating the end of Medicare.
If you’re wondering how genuinely concerned Republicans are about deficit reduction, look no further than to Senator McConnell's comments on the Senate Floor:
"I have little question that as long as this president is in the Oval Office, a real solution is unattainable.”
Wanted to make sure you all saw this story in The Hill on how business leaders are urging Congress and the White House to reach a comprehensive deal to ensure that America pays its bills and avoid the catastrophic consequences of default.