Aug 1, 2011: Markey Statement on Debt Deal
WASHINGTON, D.C. – Representative Edward J. Markey (D-Mass,), dean of the Massachusetts Congressional delegation, issued the following statement after voting against S. 365, The Budget Control Act of 2011.
“Fulfilling our country’s financial obligations is a fundamental responsibility, and both political parties have met this responsibility by raising the debt ceiling 75 times over the years without attaching conditions. But rather than engaging in a sensible, bipartisan process, the inflexible, ideology-fueled Republican Party and its extreme Tea Party faction has forced the country into a choice that should never have been necessary.
“We are being forced to choose between the first default in our country’s history or trillions in cuts in investments that create jobs and benefit the lives of countless Americans across the country. Instead of these massive, ill-timed and unwise cuts that could send our country into a double-dip recession, we should be creating jobs by increasing our investments in cutting-edge scientific research, supporting clean technology industries that will be the job generators of the 21st century, and promoting small business, the engine that drives our economy.
“We need to reduce our deficit, but it should not be done exclusively through spending cuts; revenue increases also must be on the table. There are billions of dollars in unnecessary subsidies for the most profitable oil and gas companies that we should terminate, and billions in Bush-era tax cuts for the super wealthy that we should repeal.
“With only deep cuts, this deficit plan could undermine many industries that matter most to Massachusetts, including the health care and high technology sectors. Massachusetts residents would be in jeopardy of suffering severe reductions in the federal programs on which they depend.”