Recent opinion polling shows that Americans are frustrated, and want elected representatives to reach a compromise on deficit negotiations.
About 80 percent of respondents are either “dissatisfied” or “angry” about the way the federal government is working. A recent Post-ABC survey found 63 percent of Americans say they are inclined to vote for someone new in the 2012 elections. This is the highest value on record for this question, the Post reported.
The Post-ABC poll focused on how Americans feel about the president and the GOP negotiating stances.
The poll found that over three-quarters of Americans believe the GOP leadership is too reluctant to compromise. Among those who identify as Republicans, 58 percent see the GOP as too resistant.
Among independents, 79 percent say Republicans aren’t working hard enough to make a deal, while 62 percent say the same about Obama.
Among Americans from all affiliations, 6 in 10 of those polled think that Obama hasn’t been open enough to compromise. Nonetheless, more Americans (42 percent) would hold the GOP responsible for an economic breakdown should leaders fail to reach a compromise, while only 36 percent would blame President Obama.
A Wall Street Journal/NBC News poll found more support (58 percent) for Obama’s approach to deficit reduction, which would include $4 trillion in deficit reduction over 10 years, with spending cuts, including to Medicare, and higher taxes on corporations and wealthy individuals.
A minority, 36 percent, of those polled from July 14–17 said they are in favor of the GOP approach, which would cut spending by $2.5 trillion, but leave taxes untouched.
Willing to Default
A Chicago Booth/Kellogg School Financial Trust Index released July 20, found that 46 percent of Americans surveyed did not have an opinion on the issue of the debt ceiling, and over half said they were not following the deficit debate closely, despite its prominence in the media.
Of those who expressed a point of view, 69 percent of Americans said they are against raising the debt ceiling, while only 31 percent favor it.
Democrats represented a majority of those in favor of raising the debt limit, while those who are against it were likely to be Republicans or Independents, pollsters found.
Both the Obama administration and a majority of legislators believe that neglecting to raise the nation’s debt ceiling is not an option. A failure to do so by Aug. 2, a drop-dead date set by Secretary of the Treasury Timothy Geithner, would force a payment default.
Respondents were asked how the government should choose who not to pay first, if a default did occur.
The greatest number, 45 percent, would choose to delay payment to U.S. Treasury debt holders, 38 percent suggested nonmilitary government employees, 10 percent would choose withholding Army wages, and 8 percent thought the government should delay paying Social Security recipients.
Luigi Zingales, co-author and professor of entrepreneurship and finance at the University of Chicago Booth School of Business, said in a press release, “What we found is that support or opposition was correlated with political affiliation, reinforcing the role of politics in driving opinion in this debate.”
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