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Bachmann: ‘We need a fundamental restructuring of the economy’

ANKENY — In the wake of President Barack Obama ‘s Monday night national address about the debt ceiling, GOP presidential candidate U.S. Rep

Jul 31, 2020
ANKENY — In the wake of President Barack Obama‘s Monday night national address about the debt ceiling, GOP presidential candidate U.S. Rep. Michele Bachmann(R-Minn) called the President out on his voting record, saying “you (voted against raising the debt ceiling) too, while you were in the (U.S.) Senate.”
Bachmann met voters in the Des Moines suburb Tuesday to reiterate her position on the debt ceiling. The Congresswoman has vehemently refused to vote in favor of raising it from $14.3 trillion to $16.7 trillion, and said she will continue to do so, amid talk of conditions under which the debt would be raised, as opposed to if it will actually happen or not.
“We need to change the premise here,” she said. “We need a fundamental restructuring of the economy.”
Monday, Obama encouraged Americans to call their congressional leaders about the debt ceiling crisis, which faces a deadline of a week from today.
“We can’t allow the American people to become collateral damage to Washington’s political warfare,” Obama said during his prime-time address. “The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard.”
For his part, U.S. House Speaker John Boehner(R-Ohio) has offered a “two-step” plan, which would cut spending by roughly $1.2 trillion, albeit, raising the debt ceiling by $1 trillion at the same time, something Bachmann said she would remain adamantly against.
Steve King
“This Republican will not vote to raise the debt ceiling,” she said of herself, and while she urged her colleagues to listen to constituents, she also said other Republicans would have to “make their own decision.”
Bachmann introduced a bill in early July with Iowa conservative U.S. Rep. Steve Kingand U.S. Rep. Louie Gohmert (R-Texas) that would “take this (debt ceiling fight) off the table.” The trio’s bill would force Obama to continue paying down the national debt in the event federal lawmakers cannot break gridlock.
“We can turn this around,” she said. “We don’t have to be on the wrong track, and it won’t take years like the President has suggested.”
The Congresswoman said Iowans are telling her leaders in D.C. need to keep the debt ceiling where it is, and to curb spending.
Some of Iowa’s Congressional Democrats pushed back, placing blame on Boehner.
“Throughout this budget debate, I have heard from real Iowa families who rely on Medicare, Medicaid, and Social Security to make ends meet,” U.S. Rep. Leonard Boswell(D-Iowa) said Tuesday through his spokeswoman.
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“Congressional leaders and the President have not reached a budget deal because Speaker Boehner refuses to take this issue seriously and compromise by repealing some of the tax breaks for oil companies and Wall Street hedge fund managers that cost American taxpayers billions each year. Furthermore, Republicans’ proposed short-term fix would do nothing but kick this problem six months down the road, and further jeopardize our economic recovery.”
Fellow Iowa Congressman Dave Loebsack, an eastern Iowa Democrat, was also critical.
“Iowans know the importance of compromise, and are fed up with a town where compromise has become a dirty word,” he said Tuesday through a spokesman. “There are some tough choices that need to be made and right now, Iowans are concerned about getting our economy back on track and making sure jobs are available. I believe we need to get our fiscal house in order, but the budget cannot – and should not – be balanced on the backs of the middle-class and seniors.”
Camilo Wood

Camilo Wood

Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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