July 29, 2011

Default Democrats?
Will Obama And Senate Democrats Choose Default Over Real Spending Cuts?
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THE HOUSE PASSED $917 BILLION IN SPENDING CUTS

Tonight, The U.S. House Of Representatives Passed The Budget Control Act, Which Will Cut And Cap Spending By $917 Billion. (Analysis Of The Impact On The Deficit Of The Budget Control Act Of 2011 As Revised In The House, Congressional
Budget Office, 7/27/11)

THE HOUSE HAS NOW PASSED TWO BILLS TO CUT SPENDING

The U.S. House Of Representatives Already Passed One Significant Spending Reduction Measure Earlier This Month. The House of Representatives passed a Republican proposal to raise the debt ceiling. The measure, called the Cut, Cap and Balance Act, would raise the debt limit by $2.4 trillion but would be accompanied by mandatory spending cuts and a balanced budget amendment. The vote was 234-190. (House
Passes Cut, Cap, And Balance Bill, C-SPAN, 7/19/11)

The House Passed A Budget Too, Something The Senate Democrats Cant Seem To Do The House Passed A FY2012 Budget Resolution Which Cut Spending By $5.8 Trillion Over 10 Years. The Republican-led House passed on Friday its fiscal 2012 budget resolution, which cuts $5.8 trillion from current spending levels over the next 10 years and reforms Medicare and Medicaid, a clear display of the GOP's vision for policy and spending. (Humberto Sanchez, House GOP Passes 2012 Budget Resolution, National Journal, 4/15/11) NOTE: Senate Democrats Have Not Passed A Budget For 821 Days, Since April 29, 2009. (S. Con. Res. 13, Roll
Call 173; D 53-3, R 0-40, I 2-0; 4/29/09)

AND OBAMA REJECTED BIPARTISAN AGREEMENT FROM THE HOUSE AND SENATE
Obama Rejected Bipartisan Deal Presented To Him By Democrat Senate Majority Leader Harry Reid, House Speaker John Boehner, And Senate Minority Leader Mitch McConnell. Republicans in Congress charge that President Obama last night rejected a bipartisan deal offered to him by Congressional leaders of both parties which would have provided for a short-term extension of the debt limit in order to avoid a U.S. Government default. The agreement involved Speaker Boehner, Senate Majority Leader Reid and Senate GOP Leader McConnell - in fact, staffers from Reid and McConnell's offices were working on the legislative language together on Sunday. But when Reid took the bipartisan/bicameral plan down to the White House, it was rejected by the President. (Jamie Dupree, President Rejected Debt Deal, Cox Media Group, 7/25/11)
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NOW ITS UP TO DEMOCRATS TO PREVENT THEIR OWN WARNINGS ABOUT DEFAULT FROM COMING TRUE
President Obama: If the United States government, for the first time, cannot pay its bills, if it defaults, then the consequences for the U.S. economy will be significant and unpredictable. And that is not a good thing.
(President Barack Obama, News Conference, 6/29/11)

Obama: Defaulting On Our Obligations Is A Reckless And Irresponsible Outcome To This Debate. OBAMA: If that happens, and we default, we would not have enough money to pay all of our bills - bills that include monthly Social Security checks, veterans' benefits, and the government contracts we've signed with thousands of businesses. For the first time in history, our country's AAA credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet. Interest rates would skyrocket on credit cards, on mortgages and on car loans, which amounts to a huge tax hike on the American people. We would risk sparking a deep economic crisis - this one caused almost entirely by Washington. So defaulting on our obligations is a reckless and irresponsible outcome to this debate. And Republican leaders say that they agree we must avoid default. (President Barack Obama, Address To The Nation On The Federal Debt Ceiling, 7/25/11)

Sen. Harry Reid (D-NV): Default Will Rock Our Financial System To Its Core. Default will rock our financial system to its core, Senate Majority Leader Harry Reid, D-Nev., said at the start of the Senate session. (Andrew Taylor, House GOP Set To Vote On Revamped Debt-Limit Bill, The Associated Press, 7/28/11) Sen. Charles Schumer (D-NY): At A Time When The Economy Is Still In Rough Shape, The Consequences Of Government Default Would Be Catastrophic. At a time when the economy is still in rough shape, the consequences of government default would be catastrophic, Schumer said. Money that could pay for college tuition, a car payment or a vacation would be down the drain paying for higher interest rates. (Bob Recotta, Schumer Says Government Default Would Have Catastrophic Effect, The Leader [Corning, NY], 7/21/11) Rep. Nancy Pelosi (D-CA): We Must Come Together For An Agreement Because Our Economy And Middle Class Will Suffer From A Default. (Press Release, Pelosi Statement On Proposals To Reduce The Deficit, Avoid Default, 7/25/11)

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