In it, Nadler notes that “defaulting on our debt is not an option,” and says that he twice voted to raise the debt ceiling. He adds that he led the effort for President Obama to use the 14th Amendment to raise the debt ceiling without Congressional approval.
But this bill, he says, is too much, and he calls it “just the latest blackmail request from extortionist Republicans. ”
“This legislation lays out an unbalanced, callous plan that will strangle the middle class and working poor, to say nothing of the elderly and kids. These blackmailers are telling the American people, ‘either you will accept deep cuts to vital programs that support seniors, students, children, women, and the poor, or we will force this nation to default on its debts’ – an unprecedented and reckless move that would lead to skyrocketing interest rates on mortgages, credit cards, student loans, and the like. So, either we stifle our economy and stymie job growth, or we kill the middle class and stymie job growth.
“Shockingly, while Republicans are holding us all hostage, telling us our country is broke and we have to cut programs that are lifelines to millions of Americans, they are letting the wealthiest among us – the corporations, millionaires, billionaires, and oil companies – off scot-free, without doing their fair share.
“This proposal is exactly the wrong thing at exactly the wrong time. With our economy still struggling and gasping for air, with more and more Americans looking for jobs, we should be promoting job growth and those federal and state programs that put people to work. But, instead of doing the things Americans do best – that is, building things and creating opportunity – Tea Partiers want to send this country over the cliff. We must say NO.”