Manuel Lujan: “I don't think there is a question. It is very clear that we have to act to prevent a default and a downgrade of our…”

“I don't think there is a question. It is very clear that we have to act to prevent a default and a downgrade of our Nation's credit rating. Sadly, the House Republican leadership's plan is not a serious plan to avoid such a downgrade. It's more smoke and mirrors. We've heard that talked about lately. It will put us right back in the same position in a few months, requiring another vote to raise the debt limit, putting America into a further area where we might be able to see the potential downgrade, costing Americans $100 billion a year and $1 trillion over 10 years. A short-term increase in the debt limit has already been rejected by economists and credit rating agencies, which have made it clear that this plan will likely result in an unprecedented downgrade to our credit rating, leaving higher interest rates for mortgages and student loans for all Americans. In addition, this reckless plan leaves the door open to the same damage as did the Ryan plan.”