Political Quotes

“Mr. President, through serious negotiation, leaders from both parties and the President have reached a bipartisan solution that will lift our debt ceiling and prevent a downgrade of our credit. Make no mistake, this agreement is stark and stern but necessary. It includes cuts that I would have never voted for under different circumstances. However, if we fail to take action, the economy will be irrevocably fractured. While it is far from perfect, the agreement meets my principles for avoiding default and downgrade. It provides a long-term extension of the debt ceiling, a significant downpayment on cuts, and a path forward to reform tax earmarks and entitlements. The consequences of a default and downgrade would be significant and severe and would alter the course of the United States for a century. Default would have led to sky-high interest rates that would have created a new tax on every single American. It means if you have a variable rate mortgage, it would skyrocket. If you have a student loan, the interest would increase. And if you have a car loan, the payments would be greater. Under default, the President would also have to prioritize what obligations to pay. First, we would have to pay our troops. Then we would have to meet our obligations to seniors and veterans. Federal funding for State and local governments would run out. This would affect infrastructure projects, funding for schools and teachers and firehouses and police stations.…”