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National Urban League President Marc H. Morial Sends Letter to Congressional Leaders on the Budget Debate.
In his July 14, 2011 letter to key Congressional leaders, NUL President Marc Morial gets straight to the heart of the budget debate stating that
It is arbitrary and unwise to hold this country, and indeed the global economy, hostage by holding up raising the debt ceiling unless a “deal” is reached. Despite the best intentions of our leaders, negotiating the future of our country under these circumstances is counterproductive and sidetracks our collective focus from a concern far more pressing in our daily lives. The most critical policy and economic issue confronting American families is jobs – the budget deficit is secondary.
Time is running out before the dire economic consequences of failing to raise the $14.3 trillion debt ceiling begin to take effect. Treasury Secretary Timothy Geithner has already notified Congress of various accounting measures that he is using to avoid breaching the debt ceiling until the August 2, 2011 deadline. With Congressional leaders still at loggerheads, the reality is beginning to set in that this country – and the world – face serious consequences for failed leadership in solving the nation’s fiscal problems. President Obama is spearheading the effort to bring all parties together for a grand compromise, but details still remain elusive to the public.
According to Secretary Geithner, the Treasury issues 80 million checks a month, including Social Security payments to 55 million Americans, and failure to reach an agreement before the deadline would be calamitous. Mr. Geithner warned that a default would unhinge financial markets, drive up interest rates, and derail economic recovery.
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