Issa warns that end to shutdown doesn’t address serious financial issues

Rep. Darrell Issa (R-Calif.) wrote in a recent letter to that the recent shutdown deal, while providing a short-term extension, does not resolve several serious, long-term financial crises still faced by the American people.

“I voted in favor not because I thought it was a good deal – it clearly is not – but because it is necessary to move the country forward on several key fronts,” Issa wrote.

Issa said that he voted for the extension for several reasons, including avoiding debt default and opening the door for bipartisan talks about the nation’s massive and unsustainable government spending.

“We have a moral obligation to cash the checks we have already written – even when it is painful to do so and though I opposed much of the spending,” Issa wrote, according to “A default, even a brief one, would have immediate and catastrophic effects on the U.S. and world financial markets. It would rattle the confidence of our creditors, who would demand significantly higher payments for financing our $17 trillion national debt – and those higher interest costs would cripple our government and threaten our ability to provide even the most essential services.”

According to the Treasury Department, the federal government owes $38.55 trillion in benefits during the next 75 years than it expects to receive in revenue from such programs as Social Security and Medicare.

“By 2016, before the next president is sworn into office, the Social Security Disability Insurance trust fund will be depleted, affecting millions of deserving Americans for whom the program is intended,” Issa wrote.