[Congressional Record Volume 169, Number 86 (Monday, May 22, 2023)]
[House]
[Page H2485]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          THE CLOCK IS TICKING

  (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 GOP continues to hold the American 
economy hostage unless their extreme ransom note is met. However, the 
June 1 deadline is fast approaching, and progress must be made in 
negotiations.
  The debt ceiling will be reached 10 days from now. If Republicans 
keep up their brinkmanship and drive us into default, the United States 
will be unable to pay its bills.
  This will have unimaginable consequences for our seniors and people 
nearing retirement. It will be particularly damaging for retirees who 
rely on monthly Social Security payments to survive.
  Our seniors worked hard, paid into the system all their lives, and 
they should be able to count on the monthly checks that they have 
earned.
  However, a Republican-forced debt default would jeopardize Social 
Security payments for 98,000 families in my district.
  Default would also wreak havoc on the stock market, threatening 
retirement savings of over 100,000 of my constituents and eliminating 
approximately $20,000 from typical retirement portfolios.

  We have a responsibility to protect the well-being and financial 
security of our seniors. We must raise the debt ceiling now. The clock 
is ticking.

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