Washington, D.C. – Senate Majority Leader Chuck Schumer and House Democratic Leader Hakeem Jeffries released this statement following a letter sent by Treasury Secretary Janet Yellen indicating that the U.S. will reach the statutory debt limit and begin extraordinary measures next week:
“Congress must act on legislation to prevent a disastrous default, meet our obligations and protect the full faith and credit of the United States. A default forced by extreme MAGA Republicans could plunge the country into a deep recession and lead to even higher costs for America’s working families on everything from mortgages and car loans to credit card interest rates.
“Addressing the debt limit is about meeting obligations the government has already made, ensuring vital payments to Social Security recipients are uninterrupted and continuing to support our veterans. The debt limit was increased in a bipartisan way three times when Donald Trump was President, twice when Republicans had majorities in the House and Senate. This time should be no different.
“Democrats want to move quickly to pass legislation addressing the debt limit so there is no chance of risking a catastrophic default. We’ve seen in previous debt ceiling stand-offs that even the threat of default leads to even higher costs for working families. Republican leaders must do the right thing to protect Social Security, the economy, and our country.”