On the recordJuly 28, 2011
With the clock tick, tick, ticking away towards a default on our financial obligations for the first time in American history, we need to come together to find bipartisan solutions. It's time to stop holding America's credit rating hostage. To be clear, what we face is not a possible government budget shutdown. The consequences of default would have far-reaching and long- lasting effects. The increase in interest rates resulting from a default could cost Americans an additional $10 billion in borrowing costs, and the loss in confidence from investors in government securities worldwide could easily send America into another recession. Default is simply not an option. I support commonsense compromise solutions to reduce our deficit and return to balanced budgets. I hope that my colleagues on both sides are ready to put the partisan politics aside and move forward with a plan to help keep America and the U.S. in good financial standing. ____________________
