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08/01/2011 02:45 PM

New Yorkers Frustrated At Prolonged Debt Struggle

By: Kristen Shaughnessy

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Neither Democrats or Republicans in Congress seemed enthusiastic for the developing debt ceiling deal early Monday, and average New Yorkers in Midtown seemed to echo their lawmakers' sentiments. NY1's Kristen Shaughnessy filed the following report.

By Monday morning, the consensus on the compromise over raising the U.S. debt ceiling seemed to be that the deal was better than no deal and the unknown financial consequences a default might bring.

"Seventy years of raising the debt ceiling, so it's not a surprise they have to do it again," said a Midtown man. "It just comes on the backs of taxpayers at some point to pay for it. But if you don't borrow the money, then you don't have the program to support Social Security, etc. So it is a tough situation."

The situation had to be dealt with, as financial experts pointed to the 40-percent increase in the deficit in just the last two years.

"If we had continued on this course, in 2015 the United States' debt would have amounted to 120 percent of our entire economy. The equivalent figure for China, 10 percent," said said Greg David of the Business Reporting Program at the City University of New York.

With the debt clock clicking and politicians continuing to bicker, New Yorkers said they were disgusted with Washington.

"I believe the government should be spending a lot less money. I think taxes should be lower. We are going to be passing on this debt and interest to me, my children and my grandchildren. I think enough is enough," said a New Yorker.

"It is just hurting the American people, to see our politicians going on and on like this, bickering. How do we explain that to our children?" said another.

"It just exemplified that America really needs to look at their political system," said a third. "For example, politicians need to stop thinking about re-election as opposed to who they really represent, and that is the American public."

Some who spoke with NY1 said if Washington would not get its act together, politicians on both sides of the aisle would find themselves out of a job come Election Day.