Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding on today’s vote to address the debt ceiling and avoid a calamitous default on our sovereign debt. Below are Senator Schumer’s remarks:
Later today the Senate is going to hold a crucial vote that will enable us to address the debt ceiling on a fast-track basis, avoiding the prospect of a catastrophic, calamitous default on our sovereign debt.
The proposal I worked on with Leader McConnell will allow Democrats to do precisely what we have been seeking for months, what I have been coming down to the floor advocating for since the fall: provide a simple majority vote to fix the debt ceiling without having to resort to a convoluted, lengthy and ultimately risky process.
The nation’s debt has been incurred on a bipartisan basis, so I’m pleased that this responsible action will be taken today to facilitate a process that avoids a default.
I want to thank Leader McConnell for working with us on this agreement. Our multiple conversations were fruitful, candid and productive.
This is the responsible path forward: no brinksmanship, no default on the debt, no risk of another recession.
We still have a few more steps to take before we completely resolve this matter, but I am optimistic that after today’s vote we will be on a glide path to avoid a catastrophic default.