If either party is dedicated to improving voter turnout this is a perfectly reasonable step. As a nation, is it too much to ask that we show our dedication to our democracy by granting one day towards its betterment. As citizens of the United States, voting is our right and it needs to be as accessible as possible.
It is no excuse to say that it would harm the economy to create a federal holiday. We could combine Voting Day with Veterans Day, as Martin Wattenberg said in 1998 (http://www.theatlantic.com/magazine/archive/1998/10/should-election-day-...), or we could eliminate Columbus Day and finally come to terms with the reality of our history, which in no way shows that we should celebrate his arrival.