Congresswoman Clarke Urges Colleagues to Prevent Economic Disaster

Press Release

Brooklyn, N.Y. -- Congresswoman Yvette D. Clarke today urged her colleagues to reach an agreement as soon as possible to prevent the serious harm to the United States and its economy that would occur if we default our debts on Thursday.

In October, Congress suspended the debt limit -- which authorizes the Department of the Treasury to sell bonds to pay our nation's debts -- until Thursday, February 7, 2014. Economists believe that a default on our debts would undermine the functions of the federal government (as well as state and local governments) and threaten the stability of financial markets.

Republicans in the House o Representatives have demanded concessions from President Obama in exchange for an increase in the debt limit, but President Obama has pledged that he will not negotiate.

"It seems as if every few months, Republicans in Congress have been playing a game of "chicken' with President Obama," said Congresswoman Clarke. "These games only threaten the American people with disaster if federal government fails to pays its debts and, consequently, the system of finance on which our economy depends cannot function. We need to stop playing games with our nation's credit score."

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