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Debt Ceiling Showdown Jeopardizing Economy

Floor Speech

Date: May 17, 2023
Location: Washington, DC

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Mrs. McCLELLAN. Mr. Speaker, the current debt ceiling showdown is jeopardizing not just the United States' economy but that of the Commonwealth of Virginia.

Yesterday, the Virginia Senate Finance Committee presented an analysis of what a debt default would mean to our Commonwealth. In a word, it would be catastrophic.

An extended debt ceiling battle would cost our Commonwealth nearly 200,000 jobs and slash payrolls by 4.7 percent, and it would inevitably throw our economy into a recession.

Even a brief default could cost Virginia an estimated 34,500 jobs and slash payroll by 0.83 percent, not to mention the impact on Federal grant reimbursements, federally funded State employees, and the millions of Virginians who receive monthly payments and depend on Federal healthcare programs.

The United States is not a deadbeat nation. For the sake of hardworking Virginians and Americans across the United States, we must raise the debt ceiling without delay.

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