Obama: Not Raising Debt Ceiling Would Be ‘Republican Default Tax’
In his weekly address, President Obama said to just “kick the can down the road” and not raise the debt ceiling for the long term, would be to create a “Republican default tax.”
The truth is, there’s a lot we can agree on. But one thing we have to agree on is that there is no good reason anyone should keep suffering through this shutdown. I met with some really innovative small business owners on Friday who’ve already lost contracts, lost customers, and put hiring on hold – because the pain of this Republican shutdown has trickled down to their bottom lines. It’s hurting the very citizens that our government exists to serve. That’s why a growing number of reasonable Republicans say it should end now.
And it wouldn’t be wise, as some suggest, to just kick the debt ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season. Because damage to America’s sterling credit rating wouldn’t just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home. It would amount to a new tax – a Republican default tax – on every family and business in America.
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