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Majority Leader Schumer Floor Remarks On Agreement To Vote On Passage Of Bipartisan Legislation To Avoid Default Tonight

Washington, D.C. Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor after entering an agreement that will lead to a vote on passage of the bipartisan agreement to avoid default later tonight. Below are Senator Schumer’s remarks:

I am pleased – so pleased – to announce that both sides have just locked in an agreement that enables the Senate to pass legislation tonight avoiding default.

For the information of my colleagues, this is what will happen on the floor: in a few minutes, the Senate will begin holding votes on 11 amendments: 10 from the Republican side and 1 from the Democratic side.

To finish our work tonight, after the first amendment we are limiting each vote to ten minutes, so I ask my colleagues to stay in their seats or near the floor during the votes. Let’s keep this process moving quickly.

After we finish voting on the amendments, we are immediately considering final passage – and by passing this bill, we can avoid default tonight.

America can breathe a sigh of relief because in this process we are avoiding default. From the start, avoiding default has been our North Star. The consequences of defaulting would be catastrophic. It would almost certainly cause another recession. It would be a nightmare for our economy and millions of American families. It would take years – years – to recover from.

But for all the ups and downs and twists and turns it took to get here, it is so good for this country that both parties have come together at last to avoid default.

I thank my colleagues on both sides of the aisle for their cooperation. Let’s finish the job and send this very important bipartisan bill to the President’s desk tonight.