Congress Must Act Now to Pass a Budget and Raise the Debt Ceiling
"...after five years spent digging out of crisis, the last thing we need is for Washington to manufacture another...
...This is important: raising the debt ceiling is not the same as approving more spending. It lets us pay for what Congress already spent. It doesn’t cost a dime, or add a penny to our deficit. In fact, right now, our deficits are already falling at the fastest rate since the end of World War II. And by the end of this year, we’ll have cut our deficits by more than half since I took office...
Democrats and some reasonable Republicans are willing to raise the debt ceiling and pass a sensible budget – one that cuts spending on what we don’t need so we can invest in what we do. And I want to work with those Democrats and Republicans on a better bargain for the middle class.
But there’s also a faction on the far right of the Republican party who’ve convinced their leadership to threaten a government shutdown if they can’t shut off the Affordable Care Act. Some are actually willing to plunge America into default if they can’t defund the Affordable Care Act.
Think about that. They’d actually plunge this country back into recession – all to deny the basic security of health care to millions of Americans.
Well, that’s not happening. And they know it’s not happening.
The United States of America is not a deadbeat nation. We are a compassionate nation. We are the world’s bedrock investment. And doing anything to threaten that is the height of irresponsibility. That’s why I will not negotiate over the full faith and credit of the United States. I will not allow anyone to harm this country’s reputation, or threaten to inflict economic pain on millions of our own people, just to make an ideological point."
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