TRENTON (CBS) – With all the economic uncertainty of the last couple weeks, there has been an increasing call for Congress and the White House to forget about summer vacations, return to Washington and do something.
One local legislator suggests that’s not necessarily the right way to go, at least for now.
President Obama is slated to take the family to Martha’s Vineyard next week for some R&R. Congress has been out of session since they got the debt deal done almost two weeks ago. The deal that led to the credit downgrade and the wild ride we’ve been having on Wall Street.
New Jersey Senator Bob Menendez suggests everyone give the new 12 member so-called “Super Committee” on the debt a chance to do its work.
They’ve got till late November to cut, or raise, another $1.5 trillion.
“I’m personally looking for a balanced approach. But we’ll be looking for the commission to act. To go there and precipitate before the commission has even acted doesn’t make a lot of sense.”
Besides, he says much of what’s driving the markets these days comes from Europe, and Washington can’t do much about that right now.
Reported by David Madden, KYW Newsradio