Need for Compromise on the Debt Ceiling
We have less than one week to prevent our nation from defaulting on its loans. Rather than focusing on a compromise, the majority has come up with yet another irresponsible plan to raise the debt ceiling and slash funding for programs that matter most to seniors and the middle class.
First, their budget tried to end Medicare and gut Medicaid, all while protecting tax breaks for Big Oil and corporations that send jobs overseas. Then it was their so-called "Cut, Cap and Balance" plan to achieve the same objective. Now, the Speaker has put forth another plan that seeks the same goals, so they can impose cuts to Medicare and Medicaid, as well as set their sights on Social Security. This plan would keep the crisis going with a temporary increase in the debt ceiling- leaving a cloud of uncertainty over the economy.
We need to instead, focus on the compromise plan that Majority Leader Reid has presented to extend the debt ceiling through 2012 to provide certainty to the markets without hurting the economic recovery, as well as protect Medicare, Medicaid, and Social Security from cuts.
Mr. Speaker, we must accept a compromise plan to raise the debt ceiling in order to prevent another recession and save jobs.
I yield back.