On the recordJuly 20, 2011
our Nation is less than 2 weeks away from potentially facing what Federal Reserve Chairman Ben Bernanke has called a ``calamitous outcome.'' Unless we act, the United States of America, for the first time in our history, may face the prospect of defaulting on our loans, and not making good on the promises we have made to millions of our citizens. This outcome is unthinkable, and we should be doing everything we can to avoid it. That is why I am so disappointed that instead of working with us to tackle this issue seriously, the Republican-led House of Representatives has chosen to put politics ahead of everything else, and has sent us a bill they call cut, cap, and balance. First of all, this is a colossal waste of time. The Republican House has sent us a bill that may appeal to their extreme base, but right now the American people are looking for results, not more rhetoric. The Washington Post reports this bill as being ``a doomed plan.'' Even conservative columnist David Brooks said in his column yesterday that this bill has ``zero chance of becoming law.'' And that it is ``likely that Republicans will come to regret this missed opportunity.'' But second of all, this bill is not just a waste of time, it's truly terrible policy. It would essentially enshrine into our Constitution the failed Republican policies that got us into this crisis in the first place.…





