Debt ceiling news

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Below is from my FNC colleague Chad Pergram:

Urgent: Welch circulating letter to Obama supporting potential unilateral power to raise debt ceiling

 

Per Pergram-Capitol Hill

 

From Rep. Peter Welch (D-VT) to President Obama:

 

Dear Mr. President,

 

As you know, Speaker Boehner has explicitly stated that he will withhold support for raising the debt ceiling as leverage to win concessions in fiscal negotiations with the White House. This is the same tactic he used in August 2011 at great expense to the American economy. The result was an additional $18.9 billion in interest over 10 years and America’s first ever credit downgrade.

 

We fully support your view that Congress should not “play this game.” Threatening default on our nation’s debt is an economic weapon of mass destruction that will have immediate and catastrophic consequences for the economy as well as America’s standing in the world.

 

In the event the Speaker follows through on his reckless threat, we would support your use of any authority available to you, including the 14th amendment, to preserve America’s full faith and credit and prevent further damage to our economy.

 

Sincerely,

 

PETER WELCH

Chad Pergram

FOX News

Senior Producer for Capitol Hill

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