Congresswoman Clarke's Statement on Voting to Prevent Default

Press Release

Brooklyn, N.Y. -- Congresswoman Yvette D. Clarke released the following statement on her vote to prevent a default on the debt of the United States, to protect the nation from the disastrous consequences of failing to pay our bills on time. The bill to suspend the debt limit, which allows the Secretary of the Treasury to borrow funds to pay debts already incurred by the federal government, was passed without conditions by a margin of 221 to 201.

In previous instances, members of the Republican Party tried to insist on a series of conditions in return for increasing the debt limit, creating the risk of a default. A default on the debt would have delayed tax refunds, increased the cost of mortgages and student loans, prevented Social Security recipient from receiving their benefits and veterans of the armed forces from receiving their pensions, and reduced savings in individual retirement accounts (IRAs).

"We need to end the sense of uncertainty that develops every time we approach the debt limit," said Congresswoman Clarke. "The risk of a default on our debt -- even the possibility of a default -- imposes serious costs, threatening to undermine the foundations of our system of finance and appearing to demonstrate to Americans that their elected officials are incapable of fulfilling even basic functions of government. It is my hope that we have finally ended this game of "chicken' with the full faith and credit of our nation."

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