Kim Reynolds: “Lifting the debt limit should not be a matter of politics, but of governance. Ensuring that it is done should not be a…”

“Lifting the debt limit should not be a matter of politics, but of governance. Ensuring that it is done should not be a question of partisan leverage, but of leadership. If the debt ceiling is not extended or is sent to the President in a form he cannot sign, the repercussions will be devastating. Already, the leaders of our European allies are warning of an international financial crisis should the United States default on its debt payments. Bond rating agencies are raising alarm that our Nation's triple A bond rating is in jeopardy. An actual default would cause interest rates on Treasury bonds to rise, making a balanced budget almost impossible to achieve. Home mortgage and business borrowing rates would increase, slowing economic growth. In the past, many clean debt limit extensions have been passed in a bipartisan manner by this House.”