Statement by U.S. Conference of Mayors President Los Angeles Mayor Antonio Villaraigosa on Ending the National Debt Crisis

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Jul 25, 2011, 11:15 ET

WASHINGTON, July 25, 2011 /PRNewswire-USNewswire/ -- U.S. Conference of Mayors President Los Angeles Mayor Antonio Villaraigosa issued this statement following a speech by President Barrack Obama, calling for immediate action and Congressional Cooperation to raise the debt ceiling:

"Put simply, Americans across the country — many of whom are struggling with mortgages, student loans, and medical bills – cannot afford the consequences of a downgraded credit rating or government shutdown if the country defaults on its debt. Mayors across the country echoed the President's sentiments this past weekend when we unanimously resolved that an agreement must be reached to increase the debt ceiling and prevent the nation from defaulting. This can only happen if both Houses and both parties work together with the understanding that sacrifices must be shared. The only long-term solution to our economic crisis is a national investment policy that balances both the needs of deficit reduction and job creation."

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SOURCE The U.S. Conference of Mayors