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Response from Senator Sherrod Brown
Dear Mr. Berry:
Thank you for getting in touch with me about the federal government debt ceiling.
The current debt limit was reached in mid-May. The Department of Treasury can take some steps to put off the day of reckoning, but its efforts will only finance the government until August 2.
Failure to raise the debt ceiling would be reckless. As Federal Reserve Chairman Ben Bernanke put it, defaulting on our debt would be a “recovery-ending event.” Congress acted to raise the debt ceiling seven times under President Bush, and as unpleasant as it is, it must do the same under President Obama. Default would be a disaster for our country, our economy, and our children.
It has taken two centuries to build the reputation of the United States. As a result, the dollar is central to commerce across the globe, and our borrowing costs are the lowest in the world. The next few weeks will determine whether we squander the legacy handed down to us.
The upcoming vote on the debt ceiling is not a referendum on whether the deficit must be reduced — everybody agrees on that. It is a vote on whether we will pay our bills. If Congress were to vote down an increase in the debt ceiling, our economy would be disrupted and the price the government pays to borrow — on old and any new debt — would skyrocket. Our deficit would spiral even further out of control. And across Ohio, small businesses, and local governments, and homeowners would face higher borrowing costs.
I look forward to working on a bipartisan basis in developing a framework to reduce the deficit this year. But defaulting on our debt would make deficit reduction virtually impossible.
Thank you for also getting in touch with me with your thoughts on how we should tackle the federal budget deficit. I believe it is very important that we address the deficit in a way that does not undermine economic recovery or our important safety net programs like Social Security and Medicare.
Both President Obama and Senate Budget Committee Chairman Conrad have proposed budgets that would reduce the deficit by about $4 trillion over the next decade. They do so in part by letting the Bush tax cuts expire for the very wealthiest Americans.
I believe this makes sense. While some argued that these tax cuts would pay for themselves through increased economic activity, that has clearly not been the case. Private sector employment actually declined by 600,000 during the Bush administration, following an increase of 22 million jobs during the Clinton administration.
I appreciate hearing your thoughts on how certain tax policies could stimulate economic growth and help families make ends meet. I look forward to working on a balanced approach that combines spending cuts in lower priority programs with increased revenue to address our nation’s long-term fiscal situation.
As the Senate considers legislation regarding taxes in the future, I will be sure to keep your views in mind. Thank you again for getting in touch with me.
Sincerely,
Sherrod Brown
United States Senator
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My rebuttal is posted as a separate entry in this blog.
posted by
WriterofLight
on August 1, 2011 at 6:46 PM
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Re: Thanks, TAPS!
Beware the word "fair." Paraphrasing Dr. Thomas Sowell, it's not what's fair that matters, it's who gets to decide what's fair for someone else - and the agenda powering that decision.
posted by
WriterofLight
on July 31, 2011 at 7:47 PM
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I am in favor of your close! I think they take care of themselves first and then think of their constituents, well LAST! sam
posted by
sam444
on July 31, 2011 at 8:20 AM
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Too bad that "fair" isn't often an option, or even a consideration, but more like an illusion.
Good post.
posted by
TAPS.
on July 30, 2011 at 8:57 PM
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Brovo, a great post that I couldn't agree more with.
posted by
UtahJay
on July 30, 2011 at 4:35 PM
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