Tom Harkin: “the debt ceiling agreement that will soon come before the Senate is a clear and present danger to the fragile-- indeed…”

“the debt ceiling agreement that will soon come before the Senate is a clear and present danger to the fragile-- indeed, faltering--economic recovery. To say this is the wrong policy at the wrong time is a gross understatement. One has to ask the question: Is anyone paying attention? We just learned economic growth fell to a 1.3-percent annual rate in the second quarter. The first quarter growth was revised downward sharply to just four-tenths of 1 percent--virtually flat. The economy created a meager 16,000 jobs in the month of June--again flat, not even keeping up with population growth. Last month, over 25 million Americans could not find full-time employment. Let me repeat that: over 25 million Americans are effectively out of work. This includes those formally looking for work and those so discouraged that they are no longer looking but want to work. State and local governments continue to slash funding for jobs at a stunning pace, destroying an estimated 500,000 jobs in the last 2 years. Let me repeat that: In the last 2 years, State and local governments have destroyed an estimated 500,000 jobs. Those are consumers too. Those are people who shop and buy cars and clothes and houses and go out to eat at restaurants and things such as that. According to an article in today's Wall Street Journal, in the first half of 2011, all government spending fell at a 3.5-percent annual rate, enough to knock three-quarters of a percentage point off the GDP.…”