Hinchey statement on debt ceiling deal

Congressman Maurice Hinchey (D-NY) today released the following statement in opposition to the debt ceiling deal:

“In short, the plan put forward Sunday night is fundamentally unbalanced. It wrongly puts the burden of debt reduction squarely on the backs of the middle class and seniors while allowing corporate tax loopholes to continue, and enabling millionaires and billionaires to walk away without having to sacrifice one extra penny to put the nation’s finances back in line. 

“The cuts demanded by the deal will harm our economic recovery and result in the loss of jobs. By slashing vital investments in our education, energy, transportation and communication systems, it will hurt our ability to create jobs in the short run and prevent us from laying a foundation for future prosperity. It also slates critical health care, housing and other programs for cuts, even though working and middle class families are relying on these programs during the current economic downturn.

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 “While Social Security and Medicare may be spared for now, the deal sets in motion another round of ‘ticking-time-bomb’ talks later this year that could put those programs back on the table or initiate an even more devastating round of cuts to domestic and defense priorities. We’ve already seen how these Washington games of chicken can turn out, and it is reckless and irresponsible to voluntarily subject our country to more of these shenanigans.

“The right way forward would have been a balanced approach that cut the deficit through a mixed package of spending cuts and the closure of tax loopholes and giveaways that were designed for the exclusive benefit of the wealthy and large corporations that export jobs. The deal reached this weekend does the exact opposite and it will downgrade the economy for all Americans. It’s a raw deal for working and middle class New Yorkers, and I cannot support it.”

There are 3 comments

  1. Bob Rountree

    I agree with the congressman’s position on many points, but I believe there is even a greater risk to all Americans if this bill does not pass. The risk to our economic recovery is high with default. Our debt is unsustainable, and without an effort to cut spending and reduce the deficit, every one will suffer, especially the working class and middle class. There is still time to fight the fight, and I encourage you to do so, but there’s no time left in this particular debate.

  2. Jeff Markel

    This bill’s passage will hurt Americans far more, and for much longer, than any short-term technical default would have. It will put the federal government into a cycle of declining revenue as tax receipts dwindle (due to reduced economic activity) and decimate those who need help the most.

    Anyway, considering Rep. Hinchey’s statement, I’d really like to know why he didn’t even vote on the bill.

  3. Peter Pitchford

    Hinchey is still recovering from cancer surgery, so perhaps he was not ready for a trip to Washington to make the vote. If the bill failed, that would not have created a default. The August 2 deadline was an estimate, and it underestimated the amount of incoming cash, so there was additional time. If not, Obama could easily have created a very short term extension as he said he would if a budget plant was not quite finished. Congress could have taken another week to create something not completely insane. Obama should not be negotiating with terrorists.

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