Never have I been as disappointed as I am now in over 40 years of serving in the House of Representatives. Our nation's financial system is on the brink of collapse as we approach the Aug. 2 deadline to raise the $14.3 trillion debt limit.
Yet, in the over 200 days they have controlled the House, the Republicans have not only ignored the unemployment crisis, but are holding the president and the American people hostage by refusing to let America meet its fiscal obligations unless we cut Social Security, Medicare and Medicaid.
My Democratic colleagues will continue fighting to ensure that the debt limit is raised, but it won't come at the expense of the middle class and most vulnerable among us.
For months, the president has worked to bring Democrats and Republicans together to find a balanced solution to reducing our long-term deficit. There are currently two different approaches: Republicans want a short-term plan to raise the debt ceiling by upwards of $2.5 trillion with deeper spending cuts in "entitlement" programs; Democrats propose cutting waste and fraud in our expenditures while asking the wealthiest Americans and biggest corporations to give up some of their tax breaks and special deductions. Our plan would reduce the deficit by around $4 trillion and put us on a path to paying down our debt.
Defaulting on our financial obligations is reckless and irresponsible, but the Republican plan is unacceptable. Six months from now, they would again threaten our economic stability and refuse to avoid another default unless we accept their unbalanced, cuts-only approach that asks nothing of those at the top of the income scales while shedding the safety net for seniors and working families.
The cost of inaction on the debt ceiling is dire. For the first time in history, our country's credit rating would be downgraded, causing investors around the world to lose full faith in the credit of the Unites States. Interest rates will skyrocket for people with mortgages and car and student loans, along with anyone with a credit card. Many will lose their retirement savings. The government will not be able to pay its bills, including monthly Social Security checks, veterans' benefits and the contracts we've signed with thousands of businesses.
Our country is still recovering from the financial meltdown that was caused by irresponsible spending and deregulation policies from the past decade. When President Bill Clinton left in 2000, the government had a budget surplus. Instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts for the wealthiest and two unfunded, undeclared wars.
In this fiscal year alone, Afghanistan and Iraq will cost American taxpayers over $1 trillion. Our current involvement in Libya costs taxpayers $55 million per day. For the sake of our heroic soldiers and our nation, we must bring our troops home.
Congress should be focused on getting America back to work. At 9.2 percent, our current unemployment rate is the highest we've seen since the Great Depression. The situation is worse for minorities.
When working people can't purchase what they need, our small merchants suffer and can't add employees. Yet, Republicans talk about cutting funds for our police, teachers, firefighters and civic workers. They are talking about taking away more jobs when we should be coming together to create them and invest in our nation's infrastructure and children's education.
I was appalled last week to learn that a group of Senators known as the "Gang of six" are interested in cutting Social Security, Medicare and Medicaid. The debt limit must be raised, but I won't support any proposal that places our economic obligations on seniors, the sick and the disabled. It's not just a political issue, but a moral issue.
This political game of chicken must come to an end-the jobs and livelihoods of so many families are at stake.
Originally published on New York Amsterdam News
Follow Rep. Charles Rangel on Twitter: www.twitter.com/cbrangel
He disappointed about serving but not disappointed about the $14.3T debt...
THAT is what's wrong with Washington
Guess what Charlie, eliminating waste and fraud won't get it done. And the wealth already pay more than their share of taxes. It comes down to cutting spending. End of story. That is what we need to do and that is what we will do. Get used to it.
You libs parrot this lie all the time as if it were true. Fact is, it is B.S.
NO, THEY DON'T.
What are your numbers? And don't lie to me.
If President Obama wants to address the speed bumps in the economy, he might want to investigate the QE2. One of the easiest way to give consumers a break at the gas pump would be to end QE2 this month. The price of Oil, priced in Dollars, would drop like a rock as the US Dollar strengthens if QE2 is suddenly stopped, and Gasoline prices also trading opposite a weak dollar would start dropping immediately at the pump as the US Dollar strengthens. The Federal Reserve is having a meeting this week and will be deliberating over the future of QE2.
the money exists, it's just being hoarded by those who have too much already. the people with multiple homes need to be paying more than they do.
Obama deficit $1.4 trillion (mainly bailout)
Bush's tax cut for the super rich, his war, and corporate welfare added 81% to the federal budget from 2000 to 2008. To date under Obama the budget is up by 41%. Also, entitlements are not the highest expense, it's the Pentagon budget at over one trillion $$$$$ ..... and by the way gino, Social Security is not part of the budget, it is paid for by payroll taxes that go into the SS trust fund that right now holds $2.5 trillion. If Congress hadn't been sucking off the interest all these years that fund would have over 4.5 trillion in it right now.
You're wrong.
What WAS fiscal insanity was in the 111th Congress, where the Democrats had the Presidency, the House and Senate and yet they didn't pass a budget resolution, NONE of the authorization or appropriation bills.
http://en.wikipedia.org/wiki/111th_United_States_Congress
The Democrats had a chance to correct this budetary nightmare when they had all the levers of government, except the Judiciary, which is firmly in the hands of the right-wing bigots.
What's more you were chairman of the powerful tax writing committee in the House, Ways and Means, which had the RESPONSIBILITY to correct the revenue shortfall.
You were responsible.
The Democrats failed to be functioning party.
You have only yourselves to blame.
BTW, thank you drgrph.
The Senate is an institution set up by the Constituion to run by majority vote or by quorum.
Not supermajority.
The Democrats used that as an excuse to do nothing.
And it was only an excuse.
But hey, let's blame Bush, let's blame the GOP, let's just keep pointing the crooked finger everywhere exept at the MIA president where it belongs. Does that make you feel better??
Thank you Reagan for planting that little seed into the political psyche of the right. For that, you should be branded as the single most important cause of political dysfunction. An historian myself, I know that history itself will not be kind to you.