[Congressional Record Volume 169, Number 87 (Tuesday, May 23, 2023)]
[House]
[Page H2534]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              DEFAULT WOULD HAVE CATASTROPHIC CONSEQUENCES

  (Mr. NICKEL asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. NICKEL. Mr. Speaker, June 1, that is when the Treasury estimates 
that we will no longer be able to fulfill our financial obligations if 
Congress has not acted.
  Defaulting would have catastrophic consequences on our economy. It 
would shake financial markets, send interest rates skyrocketing, risk 
millions of jobs, and create higher costs for working families.
  We can't allow the full faith and credit of the United States 
Government to be called into question by defaulting.
  I am encouraged by ongoing conversations and discussions that are 
moving us in the right direction, but we need to get this done.
  I am committed to being at the table and being ready to work in a 
bipartisan way to find short-term and long-term solutions to avert a 
crisis and get our fiscal house in order.

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