On Sunday July 31st, President Obama announced that a compromise has been reached to avert an American credit default. The President's announcement came just as the Asian markets opened for business causing Tokyo's Nikkei Index and the valuation of the American dollar to respond favorably.
If it passes in the House and the Senate, this deal will succeed in averting a Tuesday, August 2nd deadline.
A credit default would be
devastating to the environment and the economy. As a sector with unparalleled growth potential, the green economy could address the revenue shortfalls that cause debt crises without raising taxes. As many economists are warning, investment in the green market is vital to economic growth and competitiveness.
If Republicans do not compromise on a new debt ceiling, it will undermine the American economy which will surely undermine efforts to address climate change. If Democrats accept the Republican's plans to cut spending (including the bill known as H.R. 2584), it will significantly cut the budgets of environmentally oriented government organizations and agencies.
An EDF campaign is working to kill the Republican's anti-environment crusade. Under a bill known as H.R. 2584 Republicans are seeking to drastically cut funding to the EPA and other environment oriented government organizations and agencies.
Under the cover of America's preoccupation with the debt ceiling the Republicans are launching an all out offensive against the Environment. This is the latest attempt by Republicans to slash funding to the EPA and undermine environmental regulations. Cutting funding on environmental issues like air quality and pesticides will prove harmful to Americans and their environment. It will also eliminate jobs and undermine the economy.
