Press Staff Blog

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.

Shame On Them: Republicans Are Playing A Cynical Political Game with Hugely High

Wanted to be sure you saw this piece in The Economist on the political games Republicans are playing as they refuse to take a balanced approach to deficit reduction. Republicans continue to risk our economic security as they fight for tax breaks for the wealthy while ending Medicare for seniors. It’s time for them to take a serious approach to deficit reduction and work with Democrats to agree to a balanced deal to reduce the deficit and ensure America pays its bills.

Key Excerpts:

Sunday Show Roundup: "Catastrophic" Consequences Edition

We were intrigued to hear Republicans say on yesterday’s Sunday shows that there has to be an deficit reduction agreement to ensure America pays its bills – despite the fact that they are walking away from a big, comprehensive compromise that would seriously reduce the deficit:

On Fox News Sunday:

The Hits Keep Coming: IMF Warns of Damaging Consequences of Not Paying America's Bills

From the Democratic Whip Press Shop:

Add the International Monetary Fund to the list of economists, business leaders, and Wall Street executives warning of the damaging consequences of not paying America’s bills:

“The U.S. should raise its $14.3 trillion debt ceiling to avoid ‘a severe shock’ to the global economy, the International Monetary Fund has warned.”

Top Economist: Even Brief Default Will Cause New Recession And Blow Recovery 'Out Of The Water'

From the Democratic Whip Press Shop:

Yes, we know you’re tired of us quoting him, but Mark Zandi’s comments on the debt limit are definitely worth the read. Here’s a highlight:

Bernanke: Don't cut too fast

From the Democratic Whip Press Shop:

Today, Federal Reserve Chairman Ben Bernanke warned against undermining our economic recovery by drastically cutting spending too quickly. Democrats agree with Republicans that we must reduce spending but we also have to ensure that spending cuts don’t harm the economy and impede job creation.

New York Times Calls Out "Cynical" Republicans on Medicare

From the Democratic Whip Press Shop:

Wanted to make sure you all saw this editorial in the New York Times this morning.

Key Point: Leading Republicans — after proposing to gut Medicare — are still trying to pose as the program’s saviors. How cynical can they get?

Bill Gross Calls For Shift Back to Manufacturing Roots

From the Democratic Whip Press Shop:

Wanted to be sure you saw this comment from Pacific Investment Management Co. manager Bill Gross, calling on the government to support job creation and shift our focus to manufacturing. While the Republican agenda has been thin on jobs, Democrats hope moving forward they’ll work with us on our Make It In America agenda, particularly bills that passed last Congress with bipartisan support.

Econ 101 for House GOP: "Do No Harm"

From the Democratic Whip Press Shop: