[Congressional Record Volume 169, Number 52 (Wednesday, March 22, 2023)]
[Senate]
[Page S884]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Debt Ceiling

  Mr. President, now, on House Republican comments at their retreat on 
debt ceiling, undermining the full faith and credit of the United 
States is never a good idea, but, in the aftermath of a bank collapse, 
it is supremely reckless. But that is precisely what some House 
Republicans, including the very chairman of the House Budget Committee, 
are doing right now.
  During House Republicans' annual retreat, House Budget Committee 
chair and other hard-right-wingers said that now is ``the best time'' 
to double down on debt ceiling brinkmanship, as news of SVB's collapse 
remains front of mind. That is reckless and truly clueless. It is 
both--reckless and clueless.
  Instead of calling for calm, House Republicans are sowing chaos by 
threatening default at a time when banks need stability. Again, instead 
of calling for calm, House Republicans are sowing chaos by threatening 
default at a time when banks need stability. It goes to show you how 
fringe and unserious the House GOP conference has become.
  Our Republican colleagues should remember that it was poor 
supervision and a rush under Trump to deregulate that caused the 
banking crisis.
  Banks that are well managed are not in crisis, even though they are 
dealing with the same macroeconomic conditions as everyone else.
  So what Republicans are saying is not only ridiculous and false but 
dangerous.
  If you are a small business owner worrying about keeping the lights 
on and paying your employees, what are you supposed to think when 
Republicans threaten default at a time like this, with markets already 
on edge?
  If you are near retirement and have spent your whole life setting 
aside a little in order to retire with dignity, how would you feel if 
Republicans threatened your life savings by risking default?
  The right answer is for Republicans in the House to stop saber-
rattling, drop the hostage taking and brinkmanship, and work together, 
work in a bipartisan way, to extend the debt ceiling without strings 
attached, without brinkmanship, without hostage-taking. But that will 
only happen once Republicans stop ducking from the American people and 
show us their plan.
  Republicans, show us your plan. Today is March 22. The debt ceiling 
date is getting closer and closer.
  Speaker McCarthy, it has been long enough. Where is your plan? Your 
conference says it wants cuts. They threaten default unless they get 
their cuts. Where is the plan?
  Instead of making radical comments that threaten even more financial 
turmoil, Republicans should focus more on solving the debt crisis by 
working with Democrats to ensure default never occurs.