You've probably heard by now: The US won't default on its loan obligations--at least, not yet. But New Mexico politicians on both sides aren't happy with the compromise.
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After weeks of heated controversy, both houses of Congress have approved a deal that raises the US debt ceiling by $400 billion immediately in order to stave off a potential credit default.
The compromise is by many estimations a Republican victory: While raising the debt ceiling, it contains no tax increases (or even loophole-closing) for corporations or the top two income brackets. Instead, the deal calls for $2.1 trillion in spending cuts over the next 10 years.
But many politicians worry about another round of maddening delay and argument--and even potential default--later this year, when a special committee will look at additional ways to save money. (For more detail, check out the NYTimes' cool infographic.)
Democratic US Sen. Tom Udall is among the more outspoken opponents of the debt ceiling compromise. Though he stops short of calling it a "sugar-coated Satan sandwich" (a phrase we'd secretly like to see added to the cultural lexicon), Udall warns that a potential default could wreak havoc on the state and national economies (below).
Candidates are railing against the deal, too.
State Auditor Hector Balderas (and Democratic candidate for US Senate) calls the deal "an extortion by the Tea Party" in a press release, adding that it will force the US to default eventually.
Greg Sowards, Republican candidate for US Senate, states in a press release that "The new debt deal is completely unacceptable" because it "gives Obama exactly what he wanted--a blank checkbook from now through next year's election with only token spending cuts."
Politicking is all well and good, particularly when you're running for office. Let's just hope that kind of rhetoric doesn't lead to even more counterproductive intransigence--from either party--in the future.
