Lew on Debt Ceiling Showdown: Never Again
'Cannot take a risk with the full faith and credit'
By Polly Davis Doig, Newser Staff
Posted Oct 20, 2013 9:11 AM CDT
In an April 16, 2013, file photo Treasury Secretary Jack Lew testifies on Capitol Hill in Washington before the House Budget Committee.   (AP Photo/Molly Riley, file)

(Newser) – For lawmakers who might be getting used to last-minute debt ceiling showdowns, the country's Treasury secretary has a message: Not so fast, sunshine. "The message that we have to send going forward is that there was a turning point on Wednesday night and this won't happen again," Jack Lew told Meet the Press this morning, as per Politico. "It can't happen again. You cannot take a risk with the full faith and credit."

Lew said that the stalemate "was a political crisis, not an economic crisis," and that it needlessly handed increased borrowing costs and loss of activity to a still-struggling economy. "It took an economy that is fighting hard to get good economic growth going, to create jobs for the American people, and it took it in the wrong direction. Our job in Washington is to move things in the right direction." Lawmakers have a new spending deadline on January 15.

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Showing 3 of 99 comments
kumatose
Oct 21, 2013 7:01 AM CDT
People like Eric Daniels must really hate corporate welfare especially considering how their tax rates (and associated revenues) are near the lowest in history even though corporate profits have been stellar, on the backs of people they don't pay enough, so they need to work AND get public assistance. Wealthy corporations LOVE bad economies because there's a never-ending supply of workers who will take less than normal for anything they can get. The way Boehner and his corporate-welfare ilk act... one would almost think their agenda is to KEEP the economy bad for the plutocrats to prosper at the demise of the working class. I'm assuming Mr Daniels understand all of this already... even though he mentioned none of it. Wealthy corporations that pay no tax http://goo.gl/WHI4zp Corporate tax rates at record lows http://goo.gl/erm7oL Corporate profits at record highs http://goo.gl/jMoecK Middle class income at record lows http://goo.gl/lvugTM Republican tax rates favor the rich http://www.newsfocus.org/images/bush_tax_cuts.jpg
cornelison
Oct 21, 2013 1:45 AM CDT
Let's be clear. Republicans are paid millions to be against Obamacare, not discuss its merits. Republicans have no plan; 1. To put Americans back to work. 2. As an alternative to Obamacare. 3. To recover the $24 billion GOP govt. shutdown. 4. To get rid of tax breaks & subsidies for corporations that don't need them. 5. To reduce spending in defense. A matter of fact, they want to increase spending. 6. To replace Medicare other than make it a $2,000/yr. voucher plan.
Eric Daniels
Oct 20, 2013 11:42 PM CDT
Oh and one other thing before I log off for the night since a lot of you seem to think we needed to borrow more money which was far from the truth. How many of you would go out and take up loans to hand out to needy people in this country? I think it's safe to say not too many of us would be willing to do that. One way to cut government spending is stop giving our borrowed money away by the billions and billions. People hate us and we give them money, very few people that I know of can say they will borrow money and give it to there enemies but government does it all the time so please demand changes in our government no matter what party you support our very existence depends on it. 60 million people lose welfare or SS in this country and you think things are bad now, it will be crime everywhere 10 fold...