[Congressional Record Volume 169, Number 16 (Wednesday, January 25, 2023)]
[House]
[Page H287]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                   DEBT CEILING NEEDS TO BE ADDRESSED

  The SPEAKER pro tempore. The Chair recognizes the gentleman from New 
York (Mr. Espaillat) for 5 minutes.
  Mr. ESPAILLAT. Madam Speaker, last Thursday America's outstanding 
debt hit its limit. As a result, Treasury Secretary Yellen has warned 
leadership of the irreparable harm that will come to the U.S. economy 
if the debt ceiling is not addressed.
  To avoid defaulting on our loans, the Secretary has been forced to 
slow investments into the retirement of Federal employees and health 
benefits of postal workers.
  Madam Speaker, let me remind you that this has been dealt with in the 
past. Congress has dealt with the debt ceiling 78 times, 49 times in 
Republican administrations, and 29 times in Democratic administrations. 
If it is not dealt with now, the penalties will not stop at the actions 
that the Secretary was forced to take.
  For 66 million Americans that receive Social Security checks every 
month and the more than 63 million Americans that rely on Medicare for 
care, their benefits will be cut.
  Interest rates will increase, affecting car loans, credit cards, home 
mortgages, and small business investments. Tax refunds will be delayed, 
and above all, we will face a looming recession that will devastate our 
economy and result in skyrocketing unemployment and homelessness.

  Let's be clear, raising the debt ceiling is not giving a green light 
on wild, runaway spending. It is simply ensuring that we can pay for 
the obligations that we have already made.
  Instead of working to resolve this issue, Republicans continue to 
hold our economy hostage. To threaten defaulting on our debt to secure 
service cuts is dangerous and shows little regard for the American 
people.
  We have seen how this plays out--we were there in 2011 when 
Republicans tried to pull this same stunt. The delay in negotiations 
resulted in the Federal Government's first ever downgrade in its credit 
rating. The Dow Jones fell nearly 2,000 points, and it is estimated 
that it raised borrowing costs for the government by $1.3 billion.
  I want my fellow Americans to remember this: The Republicans are 
gambling on your money, on your benefits, and on your livelihood.
  Madam Speaker, I urge my colleagues to act responsibly, swiftly, and 
without unnecessary delays or attempts to score political points. Our 
Nation's financial stability and our constituents depend on it.

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