Obama: Preventing More Debt Would Create 'Default Tax'

Obama: Preventing More Debt Would Create 'Default Tax'

From CNS News:

President Barack Obama used his Saturday radio address to press for an end to “this Republican shutdown” and for an increase in the debt limit.

“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.”

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