Washington, D.C. - Today, the New Democrat Coalition, led by Congressman Joseph Crowley (NY-7), and Vice-Chairs Representative Jim Himes (CT-4), Representative Ron Kind (WI-3), Representative Rick Larsen (WA-2), and Representative Allyson Schwartz (PA-13) released the following statement on the debt ceiling negotiations and the need for a comprehensive deficit reduction solution:

“As New Democrats, we believe that our nation’s fiscal health is critical to strengthening our ability to innovate, grow and compete in the global economy. At this critical juncture, in the midst of a fragile economic recovery, we must address our nation’s debt and get on a path toward long-term deficit reduction. The New Democrats remain committed to a comprehensive solution and are heartened by today’s announcement that some of our colleagues in the Senate are working, once again, toward a bipartisan, comprehensive deficit reduction proposal that combines spending cuts and revenue. Our coalition stands ready to secure agreement on a plan of significance.

“Now is the time to remember that our great nation was shaped by grand bargains. And the initial grand bargain agreed to by our Founding Fathers – to create a national treasury and honor the debts of the individual states – set us on a course to being the number one economy in the world. This agreement firmly established the dollar as the global currency and the United States as a country worthy of doing business with because we pay our debts. For the next 230 years, we would continue to uphold all of our financial obligations.

“Today our reputation, standing in the world and competitiveness in the global marketplace are at risk. And, once again, our nation is in need of a grand bargain. We urge our colleagues to join us in following in the footsteps of our Founding Fathers and commit to paying our debts to maintain our economic leadership in the world.”