Casey: Time to Reach a Debt Agreement

WASHINGTON, DC U.S. Senator Bob Casey (D-PA) today released the following statement:

“With a week until the United States government defaults for the first time in history it is way past time that an agreement is reached to cut spending and avoid catastrophic consequences for the economy and job creation.

“At this point, a plan is needed that can beat the deadline and that will make significant spending cuts to put the country on a path to fiscal responsibility and avoid a credit rating downgrade that will further hurt the economy and increase costs to taxpayers.

“The proposal by Senator Reid takes steps toward compromise and is the most viable plan to make a down payment on debt reduction and avoid default before the August 2 deadline. It includes significant spending cuts of $2.7 trillion, including $1.2 trillion in discretionary spending cuts.

“This has been a frustrating process marked by partisan politics and posturing. It is time for Washington to put politics aside and reach an agreement.”