Sen. Stabenow: Statement on agreement to reduce deficit, avoid default

WASHINGTON, D.C. -- Senator Debbie Stabenow issued the following statement Tuesday, Aug. 2, 2011, after the Senate passed a bipartisan agreement to cut over two trillion dollars in spending, reduce the deficit and avoid a first-in-history American default on the country’s obligations:

"If America had defaulted for the first time in our history, senior citizens and middle class families would have faced higher interest rates, cuts to Social Security and Medicare benefits, and reduced retirement accounts. It’s extremely frustrating that some in Congress created so much economic uncertainty for so long by refusing to compromise. I’m glad that cooler heads finally prevailed to pass a bipartisan agreement to significantly reduce the deficit and avoid another blow to our economy.

"It is critical that Congress now focus on the top priority for our families -- strengthening our economy so businesses can create jobs."