Jim Webb: “I would like to express my support for the majority leader's plan to raise the debt ceiling and reduce the deficit. Our…”

“I would like to express my support for the majority leader's plan to raise the debt ceiling and reduce the deficit. Our Nation, as we all know, faces a looming crisis. The markets have already warned us. Businesses are already postponing investments. We know the consequences of inaction. They are predictable. Borrowing costs for businesses and individuals will escalate. Interest payments on the debt will grow. Already anemic job growth will decline. Our Nation will run the risk of another financial catastrophe and possibly a return to recession. As Chairman Bernanke recently stated, the outcome would be ``calamitous.'' Many Americans are struggling. Far too many remain out of work. They cannot be asked to absorb the shock waves of yet another failure to act. It is time, as the Senator from Texas just pointed out--and others have--for both sides and both Chambers to find common ground. Reasonable and responsible editorials from across the country have endorsed the majority leader's proposal. Well-meaning people on all sides have a genuine concern and have shown genuine concerns. We all-- most all of us--share those concerns about the implications of not acting. There are in the other party some individuals who view themselves as revolutionaries in the best sense of the word. They appear less concerned with the here and now than with where they want to take the country in the future.…”