Released: July 18, 2011
Public Split Evenly on Urgency of Debt Limit Debate
Overview
While administration officials project an economic catastrophe if the debt limit is not raised by Aug. 2, many Americans do not see this deadline as a major problem. Four-in-ten (40%) say that, from what they’ve read and heard, it is absolutely essential that the federal debt limit be raised by Aug. 2 to avoid an economic crisis, while about as many (39%) say the country can go past this date without major economic problems.
By a 53% to 30% margin, most Republicans say that it will not be a major problem if the debt ceiling is not raised by Aug. 2. The balance of opinion is the reverse among Democrats: 56% say it is absolutely essential to meet that deadline to avoid an economic crisis, 28% say it is not. Independents are more divided, though a slim 43% plurality say the country can go past Aug. 2 without major economic problems, while 32% say it is essential to raise the debt limit by this date.
Notably, the degree of attention to this issue has only a modest relationship with peoples’ impressions of the seriousness of the Aug. 2 deadline. Those who are following the issue very closely are divided over whether it is essential to raise the debt limit by Aug. 2 to avoid crisis – 45% say it is essential, 41% say it is not. Those who are following the story less closely also are divided.
Most Republicans and GOP leaning independents (59%) who have been following the issue very or fairly closely say the country can go past Aug. 2 without major problems; about the same percentage of Democrats and Democratic leaners (61%) who have been following this issue very or fairly closely say it would be a major crisis.
Source: Pew Research
"Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. "
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Ronald Reagan raised taxes 11 times, nearly tripled the federal budget deficit, gave amnesty to 3 million undocumented immigrants and their families, increased the size of the federal government, and presided over an unemployment increase after cutting taxes for the rich but raising them for the middle class and the poor.
A clear majority of the American public now believes a failure by Congress to raise the nation’s statutory debt ceiling would be a real and serious problem, dismissing arguments by some Republicans that the coming debt ceiling deadline is no big deal, a new Wall Street Journal/NBC News poll shows.
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