Bloomberg Calls for Debt Deal

By Jennifer Epstein
|  Wednesday, Jul 13, 2011  |  Updated 8:19 AM EDT
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Mayor Michael Bloomberg

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Hoping to calm the partisan bickering, New York City Mayor Michael Bloomberg on Tuesday hit Democrats and Republicans alike for their inability to reach a deal to raise the debt ceiling.

“America’s good name and credit are just too important to be held hostage to Washington gridlock, and I hope that in the end cooler heads will prevail and an agreement will be reached quickly,” the independent mayor said at the start of a morning speech on another topic in Queens.

“If America, for the first time in its history, defaults on its obligations, it would have a catastrophic effect on our financial system – and on our credibility around the world,” Bloomberg warned. “It would also take a serious toll on our economy, and that at a time when the nation is still trying to recover from the deep recession.”

Though his city’s economy is recovering from the financial crisis and recession, “defaulting on our debt … would be a huge setback.”

The Obama administration’s efforts to raise the debt ceiling are being held up by congressional Republicans, who will only agree to hike the limit in exchange for spending cuts. But, Bloomberg said, the debt ceiling is far too important to be held up by negotiations on cuts, especially since “the leadership in both parties agrees that we have to raise the debt limit before August 2.”

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