Waters: Once Again, Democrats Must Rescue Economy

Video Description

As prepared for delivery: Thank you Mr. Speaker. Once again, it is the House Democrats that are required to take the important action to protect our nation's well-being. Today, most House Republicans will once again refuse to stand behind the full faith and credit of the United States-- threatening an economic catastrophe for all Americans. When Republicans pushed our nation to the brink of default last year by refusing to lift the debt limit, businesses, large and small, began to cut back by slowing spending and hiring. Consumer confidence fell faster than at any time since the financial crisis in 2008. Potential homebuyers didn't buy homes. But despite these warnings, House Republicans still want to push us to default. And the consequences would be disastrous. The value of our 401(k)s and IRAs would plummet -- significantly hurting those saving for retirement. For consumers, a default would make credit cards, mortgages, and student and auto loans all more expensive. Default would lead to a U.S. credit rating downgrade, making it harder for businesses to hire new employees, and our cities and states to finance schools, hospitals, roads and bridges. Mr. Speaker, the American people cannot afford another round of Republican recklessness. Everyone from Wall Street CEOs to conservative economists agree—we need to honor our debts. I and my Democratic colleagues will once again do what is necessary. I urge Republicans to put Americans before ideology, and support this legislation to raise the debt ceiling. I yield back.