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Mayor urges national leaders to solve financial crisis | Politics

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Mayor urges national leaders to solve financial crisis
Politics
Mayor urges national leaders to solve financial crisis

North Little Rock Mayor Patrick Hayes sent the following letter to the media, addressing citizen's concerns about the national debt:

 

For Mayors across Arkansas fighting to balance their budgets, attract businesses that create jobs, keep police and firefighters on the force, and fill potholes in our streets, the current debate in Washington, D.C. regarding the debt limit is partisan and unwise.

It’s time for our elected leaders in Washington to take action and ensure America’s good name and not held hostage to Washington gridlock.  North Little Rock’s economy is on the mend from the financial crisis of 2008, but defaulting on our national debt, would be a catastrophe.

The very idea that the United States could possibly default on its debt is already causing market instability and uneasiness in the minds of many North Little Rock residents.  The United States must pay its bills.  Defaulting on our obligations will: Require the government to stop, limit, or delay payments on a broad range of legal obligations, including military salaries, Social Security and Medicare benefits, interest on the national debt, and tax refunds. We will see a spike in interest rates for mortgages, car loans and credit cards. It will also hurt folks who have been putting money away for retirement or into accounts for their kids’ education.  All of these repercussions will be felt outside of Washington and certainly here in North Little Rock.

Just like mayors and city governments across the country, in North Little Rock we balance budget shortfalls through spending cuts and revenue enhancements – this shared sacrifice does not harm our ability to attract and retain better and higher paying jobs.  Those inside the beltway need to take the same balanced approach.

Solving the national fiscal crisis is a complicated proposition that will take years to fully achieve.  Raising the debt-ceiling before August 2 must happen and our leaders should stop using brinkmanship and game-playing while playing chicken with the financial stability of the United States.

 

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