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NEW: Chafee—End US Debt Stalemate

Wednesday, July 27, 2011

 

Governor Lincoln Chafee’s office today called on both parties to reach a deal on raising the debt ceiling, saying the state cannot afford anything that will harm its economic recovery.

 

Already at the national level, the impasse is starting to take its toll on the stock market—today the Dow fell by 1.6 percent.

Chafee also took sides in the debate, saying he favored “revenue enhancements”—or tax increases—as part of the compromise. He noted that several former Republican Senate colleagues also favored increased revenues as well.

Chafee’s office this afternoon released the following statement:

“Governor Chafee has called – in both the local and national media – for an end to the stalemate and feels strongly that a solution to this serious quagmire must be reached. He supports President Obama and the efforts of his former Senate colleagues – including Republicans Mike Crapo of Idaho, Saxby Chambliss of Georgia, and Tom Coburn of Oklahoma – to include necessary revenue enhancements as part of a compromise solution. The Governor believes that Rhode Island, and indeed the United States, cannot afford anything that will slow or impede our economic recovery,” his office stated.

The Governor’s office said his staff and Cabinet members have been “monitoring the situation closely” and are preparing for a possible government shutdown. “The Governor, his staff, and his Cabinet are examining the potential effects of a failure to reach a solution and are planning accordingly,” the statement read.

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