Political Quotes

“I take this time to point out the obvious; that is, we are 13 days away from August 2, the date Secretary Geithner has indicated, if we do not raise the debt ceiling, that America runs the risk of defaulting on its debt and not paying its bills. I bring this up because this is an issue on which we never should be this close to this deadline. It has been pointed out many times that the debt ceiling has very little to do with how much money we spend. It has nothing to do with how much money we spend because we already spent this money. The question is whether we are going to pay our bills, whether the United States is going to live up to its obligations, or whether we are going to default on our debt. The prospect of not making that deadline is basically unthinkable, that the United States would give up its preeminent position internationally. It could jeopardize the U.S. currency being the global currency. It would have an effect on everyone in this Nation. We already have heard from the rating houses. Last week, both Standard & Poor's, S&P, and Moody's Investors Service warned they are considering downgrading the country's credit rating if the debt ceiling is not raised. A smaller firm, Egan-Jones Ratings, has already downgraded the U.S. securities. What happens if we get the major rating houses saying we are no longer AAA bond rated? Well, it will have an immediate effect on costs for taxpayers in this country. It will cost us more to borrow.…”