Press Staff Blog

Consequences Made Clear As GOP Continues to Walk Away from Agreement to Pay Bills, Reduce Deficit

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:

Gallup: 74 % of Republicans Agree Deficit Plan Should Include Revenues & Spending Cuts

Just who are Republican leaders taking their marching orders from on the debt limit negotiations? It certainly isn’t the American people.

Bernanke: Default Would Send 'Shock Waves' to Financial Markets

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

Question of the Day for Republicans

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.”

GOP Trying Desperately To Shift Blame

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:

Business Groups to GOP: Do Your Job

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.

Republicans' True Colors: Politics Over Deficit Reduction

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.”

The Hill: Business Groups Warn President, Lawmakers to Avoid a Debt Default

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.

Afternoon Roundup: "Opportunity Lost" Edition

Wanted to be sure you saw these op-eds and editorials after House Republicans backed away from negotiating a larger, comprehensive agreement to reduce the deficit and ensure America pays its bills. While Republicans have said they agree that we must pay our nation’s bills and argue that deficit reduction is critical to boosting the economy and creating jobs, they continue to fight for tax breaks for the wealthy while ending Medicare, rather than compromising on a balanced agreement.

Not the Brightest Idea: With Default Looming, GOP Focuses on Lightbulbs

With America just 22 days away from not paying its bills and the need to create more jobs on everyone’s mind, House Republicans had the bright idea of bringing an unnecessary lightbulb bill to the House floor today.

This misguided bill would repeal light bulb efficiency standards set in 2007 that will save consumers billions of dollars every year. The standards are supported by the lightbulb industry and have spurred innovation as companies have already made the investments needed to produce these energy efficient bulbs.