Menino: Boston Would Suffer 'Catastrophe' If U.S. Defaults
The city of Boston would suffer "a catastrophe" if Congress fails to come up with a compromise and the nation defaults on its debt, Mayor Thomas Menino said Wednesday.
The Boston Democrat said that the city's various grant programs and its financial businesses would take a big hit and a default would put more strain on a city still trying to come out the economic slowdown.
"It's a stalemate that's unconscionable," Menino said while attending an opening event of the National Urban League, in town for its annual national convention.
Menino put the blame for a Congressional impasse in GOP House Speaker John Boehner's lap and said it was "irresponsible" for Republicans to vow not to raise taxes when the cost of governing goes up every year. He said there needs to a "revolution" in Washington to get to the sides to iron out a deal.
Menino said he hasn't discussed plans with his financial team about what the city should do if the nation defaults.
House Republicans and Senate Democrats were crafting dueling proposals aimed at trying to prevent a government default.
This program aired on July 27, 2011. The audio for this program is not available.