[Congressional Record Volume 169, Number 83 (Wednesday, May 17, 2023)]
[House]
[Page H2388]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               DEBT CEILING SHOWDOWN JEOPARDIZING ECONOMY

  (Mrs. McCLELLAN asked and was given permission to address the House 
for 1 minute and to revise and extend her remarks.)
  Mrs. McCLELLAN. Mr. Speaker, the current debt ceiling showdown is 
jeopardizing not just the United States' economy but that of the 
Commonwealth of Virginia.
  Yesterday, the Virginia Senate Finance Committee presented an 
analysis of what a debt default would mean to our Commonwealth. In a 
word, it would be catastrophic.
  An extended debt ceiling battle would cost our Commonwealth nearly 
200,000 jobs and slash payrolls by 4.7 percent, and it would inevitably 
throw our economy into a recession.
  Even a brief default could cost Virginia an estimated 34,500 jobs and 
slash payroll by 0.83 percent, not to mention the impact on Federal 
grant reimbursements, federally funded State employees, and the 
millions of Virginians who receive monthly payments and depend on 
Federal healthcare programs.
  The United States is not a deadbeat nation. For the sake of 
hardworking Virginians and Americans across the United States, we must 
raise the debt ceiling without delay.

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