Sen. Durbin on the debt ceiling deal: Not perfect, avoids "economic catastrophe."

July 31, 2011

DURBIN STATEMENT ON AGREEMENT TO RAISE THE DEBT CEILING

[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement tonight, after an agreement was reached to raise the nation’s debt ceiling and avoid a default on our national debt:

“Tonight’s agreement prevents a default on our nation’s debt and will give our economy the certainty it needs as it continues to recover from a historic recession.

This deal is not perfect, nor the deal many of us would have made ourselves, but in the end and after weeks of partisan differences, both sides have come together and compromised to avoid an economic catastrophe.

This agreement will begin the process of reducing our deficits and ensuring our long term recovery. But over the next weeks and months, we must do all that we can to make certain that a balanced and fair process follows that protects the most vulnerable in our society.”

Last year, Senator Durbin served on the President’s Bipartisan Fiscal Commission and voted to support its debt reduction proposal. Since January, Durbin has worked with a bipartisan group of Senators, in a group known as the “Gang of Six,” to craft a proposal to cut the nation’s debt by $4 trillion over the next 10 years.

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