Fiscal Responsibility

Not Solving the Problem

We already know that Speaker Boehner has offered a short-term debt limit plan that would return our country to a state of imminent default within months, subjecting our economy to high levels of uncertainty. Now, CNN has reported that passing the Boehner plan would likely lead the rating agencies to downgrade America’s AAA credit—a step that would destroy jobs by dramatically raising interest rates for millions of Americans. On the other hand, passing the compromise plan put forward by Senate Majority Leader Reid would reduce the deficit by enough, and extend the debt limit by enough, to preserve our top-rated credit. A compromise to raise the debt limit through 2013 would show the world that America can be counted on to pay its bills—but Republicans’ radical and unpopular approach is inspiring no such confidence. Watch the video here.