Debt Ceiling Crisis

Floor Speech

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Mrs. McCLELLAN. Madam Speaker, we are 7 days from a debt default that would spell economic catastrophe for hardworking Americans and Virginians.

As you have heard, we are in a hostage-taking situation where MAGA Republicans don't want to negotiate with the hostage.

It is not House Democrats that are being held hostage. As you have heard from my Democratic colleagues, it is the American people. It is also our State governments.

Last week, Virginia State Senate budget analysts outlined what a default would mean for the Commonwealth of Virginia, which has a very large Federal footprint.

It would be catastrophic. It would have a devastating impact on the State budget and funding for schools, healthcare, roads, public safety, broadband, and affordable housing.

An extended default could cost the Commonwealth nearly 200,000 jobs, slash payrolls by 4.7 percent, and throw the State economy into a recession, as well as the American economy.

A default jeopardizes Medicaid reimbursements to rural hospitals, Federal grants awarded in the Commonwealth, over 4,000 federally funded State employees, and millions of Virginians who receive Social Security, Medicare, and veterans' benefits. It is time to raise the debt ceiling.

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