Dear Friends:
The August 2nd deadline is rapidly approaching. We have only 21 days to produce a solution. Our country needs a long-term fix rather than a shortcut. If Congress fails to reach an agreement on raising the debt ceiling, it will cripple our economy, halt our recovery and end up costing taxpayers more in the long-run.
I agree with financial analysts and experts who say that raising the debt ceiling is necessary to ensure our fiscal stability. Republicans and Democrats should be working together to give our country a stronger economy. However, republican leadership has yet to give any real attention to this issue. The only bill they brought to the floor was voted down because they urged all their members to vote against it. In these times of economic uncertainty, there is no place for games.
Raising the debt limit doesn’t mean authorizing new spending. I am committed, as is every member of Congress, to reducing the national debt. However, raising the debt limit only allows the government to finance existing legal obligations that both Congress and presidents have made in the past. The republicans are not taking these consequences seriously. Our economic recovery is not a joke and should be taken seriously.
If a compromise is not agreed upon in 21 days, investors will be less likely to lend to this country. The federal government would not be solely affected. Defaulting on our loans would mean the cost of borrowing for families, businesses and local governments would increase. In addition to interest rates for municipal bonds, mortgages and loans for cars, students and business would increase.
Both democrats and republicans share responsibility for ensuring the nation’s bills are paid. I stand ready to work with all of my colleagues to meet our obligations and put forward a productive plan to reduce the deficit.
Sincerely your Congresswoman,
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