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Debt Ceiling Needs to Be Addressed

Floor Speech

Date: Jan. 25, 2023
Location: Washington, DC

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Mr. ESPAILLAT. Madam Speaker, last Thursday America's outstanding debt hit its limit. As a result, Treasury Secretary Yellen has warned leadership of the irreparable harm that will come to the U.S. economy if the debt ceiling is not addressed.

To avoid defaulting on our loans, the Secretary has been forced to slow investments into the retirement of Federal employees and health benefits of postal workers.

Madam Speaker, let me remind you that this has been dealt with in the past. Congress has dealt with the debt ceiling 78 times, 49 times in Republican administrations, and 29 times in Democratic administrations. If it is not dealt with now, the penalties will not stop at the actions that the Secretary was forced to take.

For 66 million Americans that receive Social Security checks every month and the more than 63 million Americans that rely on Medicare for care, their benefits will be cut.

Interest rates will increase, affecting car loans, credit cards, home mortgages, and small business investments. Tax refunds will be delayed, and above all, we will face a looming recession that will devastate our economy and result in skyrocketing unemployment and homelessness.

Let's be clear, raising the debt ceiling is not giving a green light on wild, runaway spending. It is simply ensuring that we can pay for the obligations that we have already made.

Instead of working to resolve this issue, Republicans continue to hold our economy hostage. To threaten defaulting on our debt to secure service cuts is dangerous and shows little regard for the American people.

We have seen how this plays out--we were there in 2011 when Republicans tried to pull this same stunt. The delay in negotiations resulted in the Federal Government's first ever downgrade in its credit rating. The Dow Jones fell nearly 2,000 points, and it is estimated that it raised borrowing costs for the government by $1.3 billion.

I want my fellow Americans to remember this: The Republicans are gambling on your money, on your benefits, and on your livelihood.

Madam Speaker, I urge my colleagues to act responsibly, swiftly, and without unnecessary delays or attempts to score political points. Our Nation's financial stability and our constituents depend on it.

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