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.
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.
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
There’s a USA Today editorial about how far House Republicans have strayed from their conservative hero, President Ronald Reagan, which begs the question:
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.
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.”
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:
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:
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.