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Akaka supports Reid debt limit compromise

MEDIA RELEASE

U.S. Sen. Daniel K. Akaka (D-Hawaii) issued the following statement Wednesday:

“With less than a week until the deadline for raising the federal government’s debt ceiling, reaching a compromise is critical. Failure would lead to a harmful downgrade in our nation’s credit rating. This would cause higher interest rates on our federal debt and put Americans with a mortgage, car loan, student loan, or credit card at risk.

“I am supporting Senator Reid’s compromise proposal. It would protect our nation’s credit rating by eliminating the possibility of default through the end of 2012. It makes necessary cuts to lower the deficit while protecting Social Security, Medicare, and Medicaid. These are the programs that seniors and other vulnerable citizens are depending on for survival.

“While I would have preferred a bill that strikes a balance between raising revenues and cutting spending, in which all Americans contribute to the solution, I commend the Majority Leader for working in good faith to reach a compromise.”

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