Time is short and for the first time in our history, America is in danger of defaulting on its obligations. We must find a way to rise above the partisanship plaguing our politics and reach a compromise. It’s essential to the economic future of our country and the livelihood of our families.

Defaulting on our debt will not only destroy our economic recovery but will be the biggest unforced error in the history of our nation because it is all political. It will slow any economic progress and limit job creation.  The impacts of a default would be catastrophic for all Americans.  The bond market in our country will be severely damaged, leaving investors both at home and abroad with shaken confidence in our markets, driving up interest rates. The everyday costs of owning a home, buying food, filling a gas tank and paying for college will become even more expensive for families already juggling tight budgets. This impact will have long-lasting effects and will be felt for generations to come.

We must find a way to come together to avoid defaulting on our obligations. In order to reach a deal, there has to be a breakthrough and in order to achieve that breakthrough, there has to be a compromise.  We need a balanced approach to long term deficit reduction with an element of shared sacrifice from everyone. That means tradeoffs from both sides. And that means making spending cuts but also asking powerful special interests – including big oil and wealthy Wall Street bankers – to contribute their fair share.  We cannot balance the budget on the backs of seniors, working families, students, or the disadvantaged by cutting Medicare and Social Security benefits and slashing education and infrastructure funding without eliminating special interest tax breaks.  

We need more compromise and more give and take. I’m calling on my colleagues in Congress to rise above the political games and do what is best for working families and for our country. There’s no time to waste.  It is critical that we agree on a long-term deal to add greater certainty to consumers, businesses and investors alike – and to bring our deficits under control in a fair, balanced, and comprehensive way that supports economic growth and job creation.