Tuesday, June 28, 2011

WASHINGTON -- Republicans are clueless about the economic devastation they are courting with brinksmanship over raising the nation's debt limit, Democrats charged Tuesday.

Senate Majority Leader Harry Reid (D-Nev.) leveled the charge in his floor speech Tuesday morning, and his office followed with a press release pointing to a list of influential business leaders and economists who warn that the U.S. government's failure to pay its bills would spark a new financial catastrophe.

"Failure to avert this crisis would have dire consequences," Reid said. "It would result in the most serious financial crisis this country has ever faced. Millions of Americans could lose their jobs. Social Security checks could stop. So could paychecks to our troops."

Reid argued that the GOP was willing to risk those financial hardships in order to protect subsidies for the oil industry and tax breaks for corporate jets.


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