To the Editor:
The House of Representatives passed a bill increasing the allowed national debt on Feb. 11. Even if the deficit is coming down, which it is, it is absolutely essential that we meet our obligations. A default would have a devastating effect on the credit worthiness of government securities.
Janet Yellen, the new chairman of the Federal Reserve, has said that a default would be a catastrophe. Our currency is regarded internationally as the reserve currency in the world. That is why many of the major countries hold our securities, because they are the safest. You Republicans who are investors might consider what effect a default would have on the stock market.
President Obama had stated there would be no negotiations with the House. They were responsible for the spending bills that were passed, and they had to pay the costs. After some delay, Speaker John Boehner called for the vote, and it passed with 221 votes. Almost 200 Democrats voted yes and only 28 Republicans.
Our congressman from the 14th District, Mr. Randy Hultgren, voted no. In the last vote on the debt ceiling, he was the only congressman in Illinois to vote no.
Sen. Ted Cruz from Texas had threatened to filibuster in the Senate, but the final vote was adequate to secure passage. Imagine, what it would be like if he was elected president with opinions like that.
Edward Lynd Kendall