Avoiding the Great Default: Are you concerned?

By WEEK Reporter

Quick Vote:
Are you concerned that the United States will go into default?
July 26, 2011 Updated Oct 26, 2013 at 2:25 AM CDT

The scramble to balance the nation's overwhelming budget crisis continues in Washington.

After President Obama urged Congress to come to a compromise on Monday, U.S. Senator Dick Durbin addressed the Senate, furthering his support for Senator Harry Reid's approach to solve the debt crisis.

Under this plan, the debt ceiling would be set higher while simultaneously cutting $2.7 trillion in spending and reducing deficit.

"Let's avert this crisis," said Durbin. "Let's tackle the long-term deficit and debt challenge in a balanced way by putting everything on the table. We did it with the deficit commission...we can do it again."

Durbin also called on the encouragement and support of citizens across America.

Illinois State Treasurer Dan Rutherford says he's nervous about a potential default.

“What is happening in Washington D.C. has an impact on my job as state treasurer," said Rutherford. "Further debt
here in Illinois is not good. The threat of what could happen substantiates my call for Governor Quinn to not pursue billions of more dollars of debt on the taxpayers of our state.”

Congressman Aaron Schock says the nation is not only struggling with the crisis of raising the debt ceiling, but also the long term ability to pay off loans.

"The stakes for our economic future are profound. That is why these negotiations are so contentious and intense," said Schock. "We vitally need to get this right and we need an outcome that continues to put our federal government on a diet of significantly reduced spending."

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.