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A default would be bad, Florida mayors tell Congress

The White House, eager to show the worry outside Washington over the debt issue, released a letter signed by 37 mayors in Florida.

"As the Mayors of cities in Florida, we represent a large number of Americans who will be adversely affected by a downgrade of the United States’ credit rating or a default on the national debt. Economists agree that a failure to increase the debt ceiling will have a disastrous impact on our cities and will lead to another economic downturn," it reads.

"To protect our citizens from further financial hardship, we urge you to support a balanced approach to raising the debt ceiling. Reasonable cuts to domestic spending, combined with the elimination of some tax loopholes for the wealthiest Americans and largest corporations, is the most responsible way to preserve our economic security and promote future growth."

Read the letter here.

--ALEX LEARY

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