Reid: GOP Is Bringing U.S. To The Brink Of Default Disaster

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July 5, 2011 12:13 p.m.
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After canceling the usual Senate July 4th recess, Senate Majority Leader Harry Reid (D-NV) warned the country that Republicans are forcing the country to the brink of a default disaster by walking away from the negotiating table in deficit-ceiling talks.

Fresh from celebrating the nation’s 235th birthday, Reid reminded citizens of the country’s the major accomplishments over the years — landing on the moon, medical advancements, fighting for democracy and freedom around the world. And he urged Congress not to make history of a different kind in the next few weeks by failing to raise the debt ceiling by a deadline of Aug. 2.“Now we stand poised to make a different kind of history,” he said Wednesday on the Senate floor. “For the first time the United States of America stands at the brink of defaulting on our financial obligations.”

Unless Congress and the White House come to a deal tarnishing nation’s reputation will be the least of our concerns, Reid said. Because the U.S. economy is so tied to the global economy, failing to raise the debt ceiling also will risk dragging down the world economy.

“The last time this country was plunged into a major recession – three short years ago – we took the world with us,” he said. “When Wall Street greed caused the near collapse of our financial system, Americans across the country lost their jobs, their homes and their savings. And so did people across the globe.”

“The time is here for my Republican colleagues to put politics aside. Simply put, we are out of time,” he added.

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