“What’s frustrating to me is the solution still is on the table in the Senate,” he said. Ribble was referring to a House measure, which the Senate tabled, that called for $4 trillion in government spending cuts over the next decade.
Ribble, who owned a roofing business before being elected to Congress last year, said the government’s debt issue is everyone’s problem. Government bond rates influence interest rates on an assortment of consumer loans.
“It will effect borrowing rates, and interest rates could sneak up because of it,” Ribble said. “There was a dramatic loss of wealth (Monday), which creates more uncertainty, which could lead to reduced amounts of capital for investments. This is a big problem.”
As Congressman Ribble points out, this is a wake-up call.
Time will tell if government finally gets what “we the people” have known for some time.
- How Conservatives Lost on the Debt Deal (rhymeswithclown.blogspot.com)
- Don’t look to the Fed for a rescue (finance.fortune.cnn.com)
- Fiscal Forecasting at S.&P. (economix.blogs.nytimes.com)