Eva M. Clayton: “the President challenged us on many things yesterday, and he challenged us to come together to work for a balanced…”

“the President challenged us on many things yesterday, and he challenged us to come together to work for a balanced budget that would hold up the principle that has made this Nation great. The President also challenged us to be responsible as far as our liability and our bills. Mr. Speaker, now the Republican majority is threatening to hold the full faith and credit of the United States hostage, if they do not get their way on the budget. They have said that they will refuse to raise the debt limit, thereby causing our Government to be unable to pay its bills. This threat is no small matter, and its consequences are very serious. Already, the two biggest rating agencies in the United States have said that our Government may lose its high credit rating. If we lose our high credit rating, we will have to pay more for the money we borrow. That is self defeating. Worse, interest rates, even with the threat of a default, will begin to rise. Citizens will then pay more for mortgages, automobiles, and other consumer goods. Even the wealthy who they want to help with their big tax cut, will be hurt if America cannot meet its obligations. Wake up Republicans. The gain you hope to get with this risky maneuver, is not worth the loss you will cause.”