New Dems Call for Immediate Action on the Debt Ceiling
Today, following Treasury Secretary Janet Yellen’s announcement that the U.S. could hit the debt ceiling by June 1st if Congress does not act now, New Democrat Coalition Chair Annie Kuster (NH-02), Vice Chair for Communications Brad Schneider (IL-10), and Vice Chair for Policy Derek Kilmer (WA-06) released the following statement:
“Treasury Secretary Yellen’s announcement today makes it clear there is no time to waste. We must address the debt ceiling without condition or delay to avoid an economic catastrophe. New Dems stand with the President as he works with urgency to protect the full faith and credit of the United States.
“In addition to taking action to avoid the disastrous consequences of default in the short-term, our Coalition reiterates our willingness to work with responsible Republicans willing to advance smart policies that address our fiscal health and grow our economy in the long-term.
“Defaulting on our debt would be devastating for hard working Americans, their families and the global economy. To put it plainly, a breach of the debt ceiling would likely trigger a 4 percent decline in GDP, ensure mass layoffs of American workers, and wipe out roughly $10 trillion in household wealth. Inaction is not an option.”
Next Article Previous Article