PRESS RELEASES - Congresswoman Madeleine Bordallo today issued the following statement following President Barack Obama's address to the nation regarding negotiations to raise the national debt ceiling: "Tonight, the President appealed directly to the American people, who have demanded that their elected leaders find common ground to address
the nation's current debt crisis. We cannot expect to solve this problem by relying solely on spending cuts that will hurt the middle class, undercut seniors and college students, and place an even greater burden on the backs of the most vulnerable in our society. Any plan that is put forth must find a balance between reducing federal spending and generating increased revenues. If we fail to find a solution to this debt ceiling crisis, the impact on the economy and our economic wellbeing will be very serious. I hope that in the next few days, both parties can come together to find a compromise that will allow the debt ceiling to be raised before the August 2 deadline."