[Congressional Record Volume 169, Number 92 (Tuesday, May 30, 2023)]
[Senate]
[Pages S1777-S1778]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Debt Ceiling

  Mr. SCHUMER. So, Mr. President, 3 days ago, President Biden and 
Speaker McCarthy announced a bipartisan budget agreement that will 
protect the U.S. economy while eliminating the threat of a catastrophic 
default.
  I support the bipartisan agreement that President Biden has produced 
with Speaker McCarthy. Avoiding default is an absolute imperative. The 
damage that default would inflict on our country, our economy, and our 
families would be enormous and take years from which to recover.
  Of course, nobody is getting everything they want. There is give on 
both sides. But this agreement is the responsible, prudent, and very 
necessary way forward.
  Today, the House of Representatives is beginning the process of 
moving that legislation through the Chamber. When this bill arrives in 
the Senate, it is my plan to bring it to the floor as quickly as 
possible for consideration. Senators must be prepared to act with 
urgency to send a final product to the President's desk before the June 
5 deadline.
  I commend President Biden and his team for producing a sensible 
compromise under the most difficult of circumstances.
  The bipartisan agreement accomplishes two major goals: First and 
foremost, it takes default off the table, sparing Americans from 
immense economic pain, and, second, it protects key investments that 
are essential for growing our economy, for fixing our infrastructure, 
and for making the United States more competitive on the world stage.
  Social Security, Medicare, and Medicaid will not be touched. Our 
veterans will be cared for. And, again, we are avoiding the single 
worst outcome possible--a default on the national debt.
  From the start, I have said that the best way forward to avoiding 
default is bipartisan cooperation, and that is what this agreement 
represents. Again, nobody gets everything they wanted, but this bill is 
the responsible, prudent, and necessary way forward.
  A default on the national debt would be one of the great disasters in 
our Nation's economic history. It would mean another painful recession. 
It would mean 8 million fewer jobs, and it would mean soaring costs on 
credit card payments, mortgages, small business loans, and diminished 
401(k)s. There is no reason to subject the American people to the pain 
of default.

[[Page S1778]]

  We still have more work to do in Congress, but I am optimistic that 
the path has now been paved and our objective is clear. We must pass 
this bipartisan agreement avoiding default as soon as we can. I hope 
the House moves quickly, and I will make sure the Senate moves quickly 
the moment this bipartisan bill is sent to us by the House.