“It wouldn’t be wise,” he said, “to just kick the debt-ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season. Because damage to America’s sterling credit rating wouldn’t just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home. It would amount to a new tax — a Republican default tax — on every family and business in America.”
Obama said once the debt ceiling is raised and the shutdown is over, “there’s a lot we can accomplish together.”
He called for more job creation at a time when Obamacare is prompting some employers to cut jobs or move workers to part-time. And he called for additional deficit reduction in a “smarter, balanced way,” which is code for tax hikes.
“I know you’re frustrated by what you see in your nation’s capital right now. But because it’s easy to get lost in or give up on the political back-and-forth, I want you to remember: this is not normal. Our government is closed for the first time in 17 years. A political party is risking default for the first time since the 1700s. This is not normal. That’s why we have to put a stop to it. Not only because it’s dangerous, but because it saps everyone’s faith in our extraordinary system of self-government. And that hurts us all.”
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