Three Village Residents Stressed Over Debt Debate

Federal lawmakers have until Aug. 2 to strike a debt ceiling deal, but the tense tenor of the debate has Three Villagers worried about an already battered economy. 

"It's a big problem in the country," said Jeff Foernsler, 72, of Setauket. "We want to keep our credit rating up and pay our bills. ... It's been going on a long time, the overspending."

The national debt hit its current cap of $14.294 trillion on May 16. The cap prompted U.S. Treasury Secretary Tim Geithner to freeze government investments in the federal retirement system until Aug. 2.

Some are pointing fingers at Republican lawmakers, who have been accused of refusing to compromise or raise taxes. Kit Raseman of Stony Brook suggested it's a political ploy.

"They say, 'You can't tax the job creators.' It doesn't trickle down. Businesses aren't spending their money," said Raseman, 65. "I feel like the Republicans may be structuring this so that Obama appears to fail and then they'll deal with it later."

The Stony Brook resident has been following the story closely, and said the debt ceiling has to be raised. She said raising taxes should be considered if it meant easing the pressure on federal retirement costs.

"I pay a lot of taxes, but I don't resent it," Raseman said. "The infrastructure has to be supported."

Foernsler called the Republicans "totally obstructionist."

"I think it's been mainly the Republican Party [being irresponsible]," said Foernsler, 72. "They've been going very conservative lately and being very difficult to even bargain with.

But Stephanie Mitchell of Setauket said there is enough blame to go around.

"Neither should agree and then walk away," she said. "Everyone should pay their fair share. Sticking together as a sovereign is important."

Residents agreed that not raising the debt ceiling will be devastating to the Three Village population.

"The unemployed will be hit hard," said Robert Ott, 60, of Stony Brook. "To me, it all has to do with a sustainable economy."

Foernsler pinpointed education funding as a major loser in the debt ceiling debate – potentially an issue for communities with a major university, like Three Village.

"Education is one of the places that's already taking a hit," he said. "The funds going to colleges have been cut back. As a result, we get less for more."

Mitchell summed it up this way: "Everyone will be affected directly. It is always personal and relative. Ultimately, it will be our children that will be most affected because they will live with the ramifications long after we are gone."