Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on House Republicans recklessly threatening default and again demanded that Republicans show the American people their plan. Below are Senator Schumer’s remarks, which can also be viewed here:
Undermining the full faith and credit of the United States is never a good idea, but in the aftermath of a bank collapse, it is supremely reckless.
But that is precisely what some House Republicans—including the very Chairman of the House Budget Committee—are doing right now.
During House Republicans’ annual retreat, House Budget Committee Chair and other hard right-wingers said now is quote “the best time” to double down on debt-ceiling brinkmanship, as news of SVB’s collapse remains front of mind. That is reckless and truly clueless. It's both reckless and clueless.
Instead of calling for calm, House Republicans are sowing chaos by threatening default at a time when banks need stability.
Again: instead of calling for calm, House Republicans are sowing chaos by threatening default at a time when banks need stability.
It goes to show you how fringe and un-serious the House GOP Conference has become. Our Republican colleagues should remember that it was poor supervision, and a rush under Trump to deregulate that caused the banking crisis.
Banks that are well managed are not in crisis, even though they’re dealing with the same macroeconomic conditions as everyone else. So what Republicans are saying is not only ridiculous and false, but dangerous.
If you’re a small business owner, worried about keeping the lights on and paying your employees, what are you supposed to think when Republicans threaten default at a time like this, with markets already on edge?
If you’re near retirement, and have spent your whole life setting aside a little in order to retire with dignity, how would you feel if Republicans threatened your life savings by risking default?
The right answer is for Republicans in the House to stop saber-rattling, drop the hostage taking and brinkmanship, and work together, work in a bipartisan way to extend the debt ceiling without strings attached, without brinkmanship, without hostage taking.
But that will only happen once Republicans stop ducking from the American people and show us their plan. Republicans, show us your plan.
Today is March 22nd. The debt ceiling date is getting closer and closer.
Speaker McCarthy, it’s been long enough—where is your plan? Your conference says it want cuts, they’ve threatened default unless they get their cuts. So, what is the holdup?
Instead of making radical comments that threaten even more financial turmoil, Republicans should focus more on solving the debt ceiling crisis by working with Democrats to ensure a default never occurs.