Rep. Garrett: Democrats Scaring Wall Street to Force Debt Deal

Tuesday, 15 Oct 2013 12:41 PM

By Bill Hoffmann

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Rep. Scott Garrett of New Jersey believes the Democrats are purposely scaring Wall Street in order to force Republicans to cave on the federal budget and debt limit talks.

Garrett criticized Democratic Sen. Chuck Schumer of New York, who warned the markets could react negatively on Monday as a result of the failure on Saturday to pass a clean debt ceiling bill.

"It is not the right tone, but of course it is consistent with the tone of this administration that it's their way or the highway. They will not negotiate, they will not agree to anything except their original plan," Garrett told "The Steve Malzberg Show" on Newsmax TV.

Story continues below video.



"I almost have to laugh if it wasn't so sad when he says that we have to just pay our bills and move on. If only they would agree to pay our bills. That's the whole problem. This country is $17 trillion in debt.

"We are not paying our bills; we're putting the burden on our kids and our grandkids if we go along with what the Democrats are saying."

Garrett said the Obama administration could have easily come out Monday and assured the markets not to panic.

"[Treasury Secretary Jack] Lew could say, 'Do not worry, there is enough cash flow to get us through this regardless of all of these negotiations,' and calm the markets," Garrett said.

"But they don't do it. So you really have to wonder what is — unfortunately — their ulterior motive here?"

Democrats, Garrett believes, simply want more spending by the federal government.

"Two trillion on top of all the other entitlements is not enough. They want to increase spending and increase the burden on children even more without paying our bills, without paying our debt," he said.

See the Steve Malzberg Show on Newsmax TV each weekday live by Clicking Here Now

You can listen to the Steve Malzberg Show each weekday live from 3-6 PM ET on SiriusXM 244.



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