Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, July 27, 2011
(INDIANA STATEHOUSE) - Governor Daniels is blaming President Obama for the impasse over the debt ceiling.
But he's offering fellow republicans a word of caution. According to Daniels, "everyone except the president" has recognized a need to bring spending under control.
But he says Congressional Republicans need to accept that they can't solve the problem in a single stroke.
He says Republicans need to take whatever immediate spending cuts they can get, raise the debt ceiling, and immediately turn their attention to what to do next to roll back spending.
Daniels says those Republicans who have suggested letting the nation's borrowing authority expire have "good intentions," but says they don't understand the catastrophic results of a debt default.
He predicts gas prices would shoot up to $5 or $6 dollars a gallon, as world markets conclude the U.S. isn't serious about getting the red ink under control.
And he says investment in the economy would dry up.
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