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Debt Ceiling Crisis

Floor Speech

By: Judy Chu
By: Judy Chu
Date: May 25, 2023
Location: Washington, DC

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Ms. CHU. Madam Speaker, I rise to urge my Republican colleagues to come back to work now to responsibly avoid a national default, just like they did three times under President Trump.

Instead, as the U.S. is on the brink of defaulting for the first time in history, House Republicans have recessed for the weekend, holding the global economy hostage and threatening a catastrophic recession if they don't get to impose cruel cuts on American workers, families, veterans, and seniors.

The mere threat of default will cost workers close to $20,000 out of their retirement savings. It would also send interest rates skyrocketing, cost small businesses $2,500 more per month for capital, and force Californians to pay almost $300 more per month on their mortgages.

Republicans already voted to spend the money. Now they are trying to walk out on the bill and leave the most vulnerable Americans out to dry. That is inexcusable.

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