The Clock is Ticking

Floor Speech

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Mrs. McCLELLAN. Mr. Speaker, the GOP continues to hold the American economy hostage unless their extreme ransom note is met. However, the June 1 deadline is fast approaching, and progress must be made in negotiations.

The debt ceiling will be reached 10 days from now. If Republicans keep up their brinkmanship and drive us into default, the United States will be unable to pay its bills.

This will have unimaginable consequences for our seniors and people nearing retirement. It will be particularly damaging for retirees who rely on monthly Social Security payments to survive.

Our seniors worked hard, paid into the system all their lives, and they should be able to count on the monthly checks that they have earned.

However, a Republican-forced debt default would jeopardize Social Security payments for 98,000 families in my district.

Default would also wreak havoc on the stock market, threatening retirement savings of over 100,000 of my constituents and eliminating approximately $20,000 from typical retirement portfolios.

We have a responsibility to protect the well-being and financial security of our seniors. We must raise the debt ceiling now. The clock is ticking.

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