Wednesday, July 20, 2011

Rising above the debt ceiling debate

I refuse to accept that my America will be a deadbeat nation.

Aug. 2 the Treasury will no longer be able to pay our nation's obligations. Every responsible economist is saying the same thing: If we fail to raise the debt ceiling, the result will be an economic catastrophe.

Here are some facts.

Without immediate action to raise the debt ceiling, the government will be forced to delay payments on federal obligations we owe. This means failing to pay our troops, delaying Social Security checks and issuing IOU's instead of Medicare payments to hospitals and doctors. Default would affect 70 million Americans. It sends a signal to the world that the Treasury bond is no longer the world's most reliable investment — endangering the savings of every American.

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