Tuesday, June 28, 2011

Crapo: It's About Time Obama Got Involved in Budget Talks

Posted By on Tue, Jun 28, 2011 at 9:51 AM

Adding urgency to what has become known as the nation's "debt divide," President Barack Obama has entered in to budget-cutting negotiations tied to the United States' debt limit deadline.

"I think it's about time, finally," Republican Sen. Mike Crapo told Citydesk this morning. "I'm very hopeful that they can find some kind of arrangement that will allow us to move forward."

But Crapo warned that once the debt ceiling battle is over, a greater debt crisis loomed.

"Our total debt is quickly approaching 100 percent of our gross domestic product," said Crapo. "We're facing calamities in our economy that, if we don't deal with them, could push us into significant retraction of the economy, loss of jobs and loss of asset value to everything from retirement accounts to small businesses."

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