Deal To Avoid Default Reached?

October 16, 2013

in News

Staff Report

With the possibility of the first ever U.S. debt default at midnight on Wednesday, Senate leaders scrambled to pass a deal that would temporarily raise the debt ceiling.

CNN reported that the Senate deal would temporarily raise the debt ceiling until Feb. 7 and fund the government until Dec. 15. The deal was made in the Senate Wednesday morning, according to reports, but not in the House.

House Speaker John Boehner will probably face the decision of whether to allow a vote that he knows can only pass with virtually all Democrats and only a few of his fellow Republicans supporting it.Even if a deal was reached Wednesday, it would take time for it to make it through the legislative process.

Many residents were concerend about a possible default on the national debt.

“I don’t like the fact that one group or the other can just refuse to work with the other side and take their ball and go home and just act like a bunch of small children,” Becky Bailey of Woodstock told the Standard. “What bothers me the most is that they’re getting paid but it’s affecting other people not getting paid.”

Rep. Peter Welch told Vermont Public Radio earlier this week that the reasons for the prolonged shutdown are unjustifiable.

“One, you don’t shut government down to get your way on an ideological position,” said Welch. “And No. 2, the country pays its bills and we don’t justify as a tactic threatening to destroy our credit rating to get what you want.”

Meanwhile, Sen. Patrick Leahy told VPR how aggravated he was with some House Republican members.

“It’s so foolish. And these people who have no better idea, all they want to do is go on television and say how much they are opposed to Barack Obama,” he said. “Well, he was elected president and re-elected you know, get over it.”

Since the shutdown began three weeks ago, the Marsh Billings Rockefeller National Historic Park has remained closed and all park activities have been canceled. The Woodstock Trails Partnership, which usually collaborates with the National Park, is taking over the second annual “Peak to Peak” hike in Woodstock on Oct. 19.

If the government defaults on its debt after the Thursday deadline, it would be the first country to default since Argentina in 2002.

“I’m not concerned we’re going to go into default but I am concerned what it’s doing to Wall Street and what its doing with our reputation internationally, “ said Dick Colantuono of Woodstock.

On Tuesday, the Vermont Standard asked local residents “Are you concerned with the impending debt default.” Local reactions and thoughts on the problems with our federal government.
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