Patricia Clark Boston Air Route Traffic Control Center

Floor Speech

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Ms. WATERS. Mr. Speaker, once again, it is the House Democrats who are required to take the important action to protect our Nation's well-being. Today, most House Republicans will once again refuse to stand behind the full faith and credit of the United States, threatening an economic catastrophe for all Americans.

When Republicans pushed our Nation to the brink of default last year, refusing to increase the debt limit, businesses, large and small, began to cut back by slowing spending and hiring. Consumer confidence fell faster than at any other time since the financial crisis in 2008. Potential home buyers didn't buy homes. But despite these warnings, House Republicans still want to push us to default, and the consequences would be disastrous.

The value of our 401(k)s and IRAs would plummet, significantly hurting those saving for retirement. For consumers, a default would make credit cards, mortgages, and student and automobile loans all more expensive. Default would lead to a U.S. credit rating downgrade, making it harder for new businesses to hire new employees and our cities and States to finance schools, hospitals, roads, and bridges.

Mr. Speaker, the American people cannot afford another round of Republican recklessness. Everyone from Wall Street CEOs to conservative economists agree: we need to honor our debts.

I and my Democratic colleagues will once again do what is necessary. I urge the Republicans to put Americans before ideology and support this legislation to raise the debt ceiling.

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