[Congressional Record Volume 169, Number 83 (Wednesday, May 17, 2023)]
[Senate]
[Pages S1685-S1686]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Debt Ceiling

  Mr. SCHUMER. Yesterday, I joined Congressional leaders to meet with 
President Biden for a good meeting about this year's spending 
priorities while also affirming the need to protect the full faith and 
credit of the United States. The meeting was the most positive we have 
had. There was goodwill, an openness to work together, and it was a 
promising step forward.
  Everyone agreed to a few important points: We must work to take 
default off the table, and a bipartisan bill in each Chamber that can 
get enough votes to pass in each Chamber is the best solution for 
averting default.
  Bipartisanship is needed. It is the only way to go. It is the only 
way we have solved these problems in the past. No bill premised on 
brinksmanship or hostage-taking can pass through both the House and 
Senate, and the other side recognized that today.
  Instead, we must focus on a bipartisan bill that can get the votes to 
actually become law. We still have a lot more work to do between now 
and the day we bring the legislation to the floor, but yesterday's 
meeting was a promising step in the right direction.
  Now, I asked the Speaker if he agreed that this needed to be a 
bipartisan process, and he said yes. Again, this, I believe, is a 
promising step in the right direction. Nobody will get everything they 
want in these discussions, and I hope nobody--nobody--draws redlines in 
the sand.
  Nobody should ever use default as a hostage, where they say, ``Unless 
you do this, we will default,'' because the consequences would be 
disastrous. Bipartisanship was the key to averting default under Trump. 
It is the key to averting default under President Biden, and it will be 
the key to averting default before June 1.
  I am hopeful we can reach an agreement as soon as possible. 
Defaulting on the debt would be the worst--the worst--outcome for this 
country, as I have outlined repeatedly in speeches in this body. There 
is no need--none--to subject the American people to the anguish of 
default, and I am glad both sides are making a good effort, for now, of 
removing default from the table.

[[Page S1686]]