In his weekly address on Saturday, President Barack Obama made another urgent plea for Congress to come up with a bipartisan solution to the debt ceiling in order to avoid the first default in the history of the United States of America.
To view President Obama’s weekly address, please click on the video at the left of the page.
“We need to reach a compromise by Tuesday so that our country will have the ability to pay its bills on time – bills like Social Security checks, veterans’ benefits, and contracts we’ve signed with thousands of American businesses,” the President stated.
Continuing, he said, If we don’t, for the first time ever, we could lose our country’s Triple A credit rating. Not because we didn’t have the capacity to pay our bills – we do – but because we didn’t have a Triple A political system to match it. And make no mistake – for those who reflexively oppose tax increases on anyone, a lower credit rating would be a tax increase on everyone – we’d pay higher interest rates on mortgages, car loans, and credit cards.”
In addition, Obama attacked the political gamesmanship of the GOP, stating, “Republicans in the House of Representatives just spent precious days trying to pass a plan that a majority of Republicans and Democrats in the Senate had already said they wouldn’t vote for.
“It’s a plan that wouldn’t solve our fiscal problems, but would force us to re-live this crisis in just a few short months. It would hold our economy captive to Washington politics once again. If anything, the past few weeks have demonstrated that’s unacceptable.
He concluded the address by remarking, “Now all of us – including Republicans in the House of Representatives – need to demonstrate the same kind of responsibility that the American people show every day. The time for putting party first is over. The time for compromise on behalf of the American people is now.”
–Raymond Gellner, National Liberal Examiner, joltleft.com | Twitter