Reed Sees Path Forward to Prevent Default
WASHINGTON, DC – Tonight the Republican-controlled U.S. House of Representatives finally voted on their debt ceiling proposal, just four days before a threatened U.S. default could push the nation into economic chaos. Despite having a 48 seat majority in the House, Republicans barely managed to pass a bill on a 218-210 vote that would manufacture a new economic crisis in a few months and force the Constitution to be amended. U.S. Senator Jack Reed (D-RI), called the Republican proposal “short-sighted” and urged Congress to pass a long-term fix. Reed stated:
“Republican intra-party squabbling over their ‘debt bill to nowhere’ wasted precious time and pushed our nation to the brink of default. Over the last several weeks, Republican House leaders repeatedly walked out of bipartisan negotiations. They need to stop walking away and stay at the table.
“There is a compromise path to preventing default. Harry Reid has outlined a plan to cut more than $2 trillion in spending, while protecting Social Security, Medicare, and Medicaid.
“The Reid plan also creates a bipartisan commission to come up with longer-term deficit and debt reduction plans, which in order to be viable, will likely include tax reform.
“Now, Senate Republicans have decided to filibuster this proposal rather than allow it a simple majority vote. That kind of partisan delay has brought us to this point. If the country defaults, all Americans will feel the pain. We cannot and must not let that happen.”