For Immediate Release
July 12, 2011
"Under the Senate Republican proposal, Congress would cede its constitutional power to borrow on the full faith and credit of the U.S. in deference to the Executive Branch. All of this, apparently, to solve a short-term political problem for Republicans seeking to avoid blame for a failure to pass an increase in the $14.294 trillion debt ceiling.
"This abdication of responsibility is puzzling to say the least. When spending is this out of control, and the only thing keeping it in check is the congressionally authorized debt ceiling, why would Congress cede its say on the nation's finances?
"If Republicans give sole power to raise the debt ceiling to Barack Obama, it will be a colossal failure of this Congress."
