Political Quotes

“I have an article entitled, ``Debt Ceiling Impasse Rattles Short-Term Credit Markets,'' again from The New York Times, discussing how this uncertainty that is not being caused by external factors but is being caused by us, by politicians, by people here in this body, is rattling those who lend our country money. And that's why this plan before us today will increase the deficit by over $100 billion over 10 years. In addition to those spending cuts, it will cost taxpayers more in interest payments if it jeopardizes our credit rating. [From the New York Times, July 28, 2011] Debt Ceiling Impasse Rattles Short-Term Credit Markets (By Nelson D. Schwartz and Azam Ahmed) The reverberations of Washington's impasse over a debt deal are already being felt in the short-term credit markets, a key artery of the economy that daily supplies trillions of dollars of credit. Over the last week, big banks and companies have withdrawn $37.5 billion from money market funds that invest in Treasury debt and other ultra-safe securities, the biggest weekly drop this year. Meanwhile, in the vast market for repurchase agreements, in which many financial firms make short-term loans to one another, borrowers are beginning to demand higher yields.…”