The Lisbon Reporter

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Monday, June 13, 2011

Political Leaders in Washington are Lost in a Sea of Debt

Preface by: Will E. Makeit

Conclusion by: Betty Wont

GOP leader warns economy will sink if debt deal isn't reached

By Russell Berman - 06/13/11 02:33 PM ET

House Majority Leader Eric Cantor (R-Va.) on Monday warned of an urgent need to strike a deal to raise the debt ceiling, telling reporters that “we don’t want the markets to make this decision for us.”

Cantor, who is representing House Republicans in talks led by Vice President Biden, acknowledged there is a growing concern that financial markets will rattle and interest rates will spike if congressional leaders cannot reach an agreement before Aug. 2, the deadline the Treasury Department has set for lifting the nation’s $14.3 trillion debt limit.

The majority leader reiterated, however, that spending cuts and reforms are an essential requirement to a deal that the markets, and the public, find credible.

http://thehill.com/homenews/house/166099-gop-leader-economy-will-sink-if-debt-deal-isnt-reached-soon

The majority leader reiterated, however, that spending cuts and reforms are an essential requirement to a deal that the markets, and the public, find credible. “We don’t want the markets to make this decision for us, because that’s exactly what we’re trying to avoid in saying we’ve got to reduce spending," Cantor said. "You’ve got to implement reform."