Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor providing an update on the debt ceiling. Below are Senator Schumer’s remarks, which can also be viewed here:
I want to begin today with a short update on the debt ceiling.
Over the past few days we have made good progress on this issue, and I am optimistic that we will be able to prevent the awful prospect of the US defaulting on its sovereign debt for the first time ever.
Nobody wants to see the US default on its debts. As Secretary Yellen has warned, a default could “eviscerate” everything we’ve done to recover from the COVID crisis.
We don’t want to see that, I don’t believe we will see that, and I continue to thank all my colleagues for cooperating in good faith to preserve the full faith and credit of the United States.