Despite Deal, New Yorkers Say Fiscal Damage Is Done
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News that an agreement was reached in Washington over the nation's debt ceiling Tuesday was met with mixed reactions in the city as constituents expressed concern over its long-term effects. NY1's Rocco Vertuccio filed the following report.New Yorkers on Tuesday found little reason to celebrate Congress' debt-ceiling deal, with some expressing concern about what the $2 trillion in cuts will do to domestic programs.
"I want Social Security when it's my time. I worry about my kids and the next generation," said one New Yorker.
Almost the entire city congressional delegation voted no Monday, many of them expressing concerns that social programs will take a big hit.
Only two from the city voted yes: Staten Island Republican Michael Grimm and Queens Democrat Gregory Meeks.
"He voted for it. That's great. But it's not gonna be a longstanding thing. We're gonna have the same problem again right after the election," said Staten Island resident Dolores Camper.
"As bad as it is now, we're already in debt. We already need financial help so you might as well, yeah, that was a good thing," said Queens resident Sherlyn Aikens.
Neither party got everything they wanted in the deal. Democrats wanted tax increases on the wealthy, while Republicans wanted more cuts.
New Yorkers who spoke with NY1 say the cuts do need to be balanced with taxes on those who can afford them.
"Yes we do need to cut spending. We do have to provide a social network, but then again everyone has to pay something," said one New Yorker.
Others question how lawmakers could vote no when faced with a government default.
"We will have to live with this as it is. We can't risk our credit rating or our standing in the financial sector," said one New Yorker.
Even without a default, for some, the damage to the U.S. may already be done.
"Are they any different right now from Greece or Portugal? The economy is in real trouble," said one New Yorker.
Meantime, there is still a possibility the nation may take a hit when all is said and done.
Credit agencies plan to review their ratings when the debt crisis is over and could still downgrade the country's AAA bond rating.
If that were to happen, it would likely damage America's financial prestige and could well mean higher interest rates for mortgages and other loans.