Issa Warns U.S. Still Faces 'Serious, Long-Term Financial Crises'

Issa said he voted with the Congressional majority because even a brief default would have had "immediate and catastrophic effects on the U.S. and world financial markets."

Rep. Darrell Issa. Patch file photo.
Rep. Darrell Issa. Patch file photo.
Rep. Darrell Issa warned Monday that Congress' vote to re-fund government and avoid default "resolves none of the serious, long-term financial crises" facing the country.

"I voted in favor not because I thought it was a good deal — it clearly is not — but because it is necessary to move the country forward on several key fronts," Issa said in a statement on his Web site.

Issa, a Republican who represents Carlsbad, Encinitas, Oceanside, Del Mar, Camp Pendleton, San Clemente, Dana Point, San Juan Capistrano and Ladera Ranch, voted with the largely Democratic majority on Thursday.

He said the nation has a "moral obligation to cash the checks we have already written" and even a brief default would have had "immediate and catastrophic effects on the U.S. and world financial markets."

In addition, he said, the deal brings Democrats in Congress back to the negotiating table to "finally tackle our massive and unsustainable government spending."

He said the battle over the shutdown and default also took the focus away from problems with the Affordable Care Act, or Obamacare.

"The end of the temporary budget impasse may appear like a victory for the president today, but it is by no means the end of discussion on Obamacare or runaway government spending," Issa said.

Jim Corbett January 04, 2014 at 05:11 PM
The stagnation and even decline in middle class income turns on one year, 1980. The same year that the Reagan "tax cuts" on the wealthiest were implemented. While it's absolutely true that "correlation is not causality," any reasonable student of economic history would, at least, acknowledge the fact that while growth under Democratic Presidents (last sixty years) has been almost TWICE that of growth under Republicans and that growth in wealth has been distributed to more Americans under Democrats. At the same time, while growth is smaller under Republicans (just read the data, don't argue from BS), what growth in wealth there is goes to the top 2% (mostly to the top <1%). It's easy to see why the Kock Bros. lover the Right, but why do those Tea Party types--they keep getting screwed by the bozos who feed them paranoid fantasies of a "
Jim Corbett January 04, 2014 at 05:12 PM
moral crisis.
Edith Murcer January 04, 2014 at 06:03 PM
The middle thrived under Reagan with 22 million new jobs and as a result won 49 of 60 States on his 1984 reelection. Obama has dismantled the middle class with workers needing 99 weeks to find a job, We all know about unprecedented poverty and food stamps levels. This jobless economy of Obama has hurt the middle class the most
Rusty Inman January 04, 2014 at 08:53 PM
Ronald Reagan began the process of dismantling the American middle-class (and his own director of OMB admits it---read David Stockman's book on Reagan's economic legacy sometime; he resigned during Reagan's presidency in protest over the effect Reagan's policies were having on the middle- and working-classes): http://www.addictinginfo.org/2013/02/09/how-reagan-wrecked-the-american-middle-class-and-came-out-smelling-like-a-rose/ http://thinkprogress.org/politics/2011/02/05/142288/reagan-centennial/ http://www.examiner.com/article/8-reasons-why-ronald-reagan-was-the-worst-president-of-our-lifetime http://www.nytimes.com/2010/08/01/opinion/01stockman.html?pagewanted=1 Also, you might want to note that this isn't President Obama's jobless economy. He has created as many jobs in 4.5 years as Bush did in 8 years---and that's after inheriting an economy decimated by Republican economic policies (don't you remember the fall of 2008?). And the 99 weeks you reference have nothing to do with an average of how long it takes to find a job. It references the longest time one could have received combined unemployment benefits (which has since been reduced). In other words, get your facts right. Unprecedented poverty and food stamp levels? Again, why don't you check what state the economy was in when President Obama took office? You simply can't evaluate his policies apart from understanding the context. Or, apart from a GOP House which cost us 650,000 jobs this year through sequester cuts and cost us 125,000 private-sector jobs (that aren't coming back) through the government shutdown. I realize you don't like "the black man in the White House." But at least use facts and use them in context.
Johnny Johnson January 05, 2014 at 09:02 AM
Food stamps , poverty levels , wealth gaps are all at record highs. That is just factual information. The middle class did far better with both Reagan and Clinton. Remember Reagan Democrats?? Government can only provide bare minimums which is welfare , food stamps and a home in the ghetto. That is why jobs are so key for the middle class and jobs is Obama's greatest failure.


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