Colorado’s senior senator, Democrat Mark Udall, is pushing the same panic button the White House has been pounding the last couple of days, imploring both parties to come up with a debt-limit compromise before the looming Aug. 2 deadline.
“I urge my colleagues from both sides of the aisle to stop the political rhetoric and agree on a plan to avoid a default on our country’s debt obligations,” Udall said in a statement issued Monday. “Economists and market analysts across the country warn that we’re on the brink of a historic default, and Americans are counting on us to do what is right for our country. We can’t afford to play games anymore.”
Increasingly, however, there’s some question over whether next Tuesday represents the absolute drop-dead deadline the Obama administration keeps touting. Some financial experts say the government may actually continue to collect sufficient tax revenues to operate for several more days, possibly longer, and that weakens the White House position as Obama continues to try to force a deal to avert crisis.
Udall says a debt default, regardless of when it happens, would be a disaster on the home front.
“While people argue and point fingers, the country is ruining its credit rating,” he said. “A default on our debt obligations would have serious repercussions for years to come. Colorado’s hardworking families would feel the crunch, with a spike in interest rates, higher unemployment and a chilling effect on our credit markets.”
But House Republicans, pushing for a short-term fix and a balanced budget amendment to the constitution, are still miles apart from various long-term Senate plans.
“Now is the time for true leadership,” Udall said. “We need Democrats and Republicans to step up and make tough decisions. I remain committed to doing everything I can to help bridge the partisan divide so we can pass a comprehensive deficit reduction plan and avoid default. We can’t afford not to.”