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Bloomberg: Debt Ceiling Standoff Is 'Damaging Our Economy'

Monday, July 25, 2011

WNYC
Mayor Bloomberg offers stern warning on the consequences of prolonged talks over the national debt. (Richard Yeh/WNYC)

For the second time this month, Mayor Michael Bloomberg held a press conference to offer sober warnings on the political gridlock over the national debt ceiling.

Saying that "there’s something profoundly wrong in Washington," Bloomberg cautioned that prolonged brinkmanship concerning the nation's debt crisis was hurting confidence both at home and abroad.

"The inability of our national leaders to reach an agreement up to this point is already damaging our economy," Bloomberg said. "And every day this standoff goes on, more seeds of doubt are sown — not just among American companies but among investors around the world."

Bloomberg said Americans have a right to be disgusted with the gridlock and lack of compromise in Washington, and warned of political consequences.

"There will be no political gains from a prolonged crisis. No one will win. Voters, I think, are going to blame all of the incumbents, and they all deserve that blame," he said.

Bloomberg said lawmakers must agree on a combination of cutting spending and raising revenues, but did not offer specifics.

The mayor made his remarks in the lobby of the governor's midtown office Monday before he spoke at a meeting of the State Financial Control Board.

Bloomberg reiterated his administration's efforts of deep spending cuts, the heavy burden of skyrocketing pension costs and his willingness to work with Governor Andrew Cuomo on a pension reform package that the mayor said would save the city $30 billion over the next 30 years.

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