Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding the need to achieve a bipartisan solution to address the debt limit and avoiding an unprecedented default. Below are Senator Schumer’s remarks, which can also be viewed here:
Soon the Senate must take action to assure that the United States does not—does not—default on its sovereign debt for the first time in history.
I recently had a good conversation with the Republican Leader about this issue, and I expect to continue those talks on achieving a bipartisan solution to addressing the debt limit.
By now we know the dangers of an unprecedented default. Secretary Yellen warns that failure to extend the debt ceiling would “eviscerate” our economic recovery, and says our country could yet again slip into a “deep recession.”
Both parties know that is simply unacceptable, and so I look forward to achieving a bipartisan solution to addressing the debt limit soon.