we have 5 days remaining until a few extremist Republicans--and note I say ``a few''--drive our economy off a cliff because they are too radical and inexperienced to compromise. Financial experts are begging Congress to come to an agreement that averts a first-ever default on this Nation's financial obligations. This is what one financial analyst said yesterday about the need to avert a default crisis which would spark a global economic depression. The market is saying we need a deal. Default is starting to seep into the marketplace. It will not be long, they say, before our financial markets severely react to continued stubbornness by the tea party Republicans, tanking our economy. Wall Street had a very bad day yesterday--its worst in months--largely based on the news that Congress still has not found a path forward. That does not only affect big investment banks or wealthy investors; all around the country, ordinary Americans with 401(k)s and college savings accounts lost money yesterday. Their life savings took a hit because a small group of radical Republicans who do not represent mainstream Americans have refused to move even 1 inch toward compromise. Yesterday's bad economic news should be a sign to those Republicans who deny reality. Default will rock our financial system to its core. Many reasonable Republicans realize time is running out. They have urged their colleagues to compromise.…
On the recordJuly 28, 2011
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