Debt Deadlock Hurting Retirement Funds, Bond Ratings and Economic Recovery

Statement

Today, Nebraska's Senator Ben Nelson issued the following statement after the markets closed out the worst week of 2011 in response Washington's inability to pass a debt reduction plan ahead of a default crisis expected on August 2nd:

"Today's closing bell on Wall Street rang out just how dysfunctional Washington is. Wall Street had the worst week of 2011 as the Dow dropped 537.92 points, 4.2 percent of its value, in reaction to the debt deadlock on Capitol Hill.

"Washington's perpetual gamesmanship is having painful consequences for Nebraskans and all Americans who are watching the markets fall, retirement funds shrink, bond ratings slide and the overall economic recovery of our nation slow.

"Already, the debt deadlock has cost stockholders about $400 billion, pushed down the value of the dollar by .6 percent and commodities such as corn and wheat down 1 percent. The more Congress delays, the more bad news we'll see.

"Nebraskans want Congress to put aside the political games and use common sense not calamity to find long-term solutions to our nation's problems, and they want that now."

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