Statement of Representative Danny K. Davis In Support of the House Amendment to S. 1301 for the Temporary Extension of Public Debt Limit
I rise in strong support of this legislation that protects the full faith and credit of our nation, that protects the well-being of millions of our most vulnerable citizens – including seniors receiving Social Security, veterans, service members, small businesses, as well as physicians treating Medicare and Medicaid patients, and that protects our economic recovery and the global financial system.
The refusal of Republican Leadership to extend the debt limit threatens catastrophic damage to America and Americans. Economists estimate that default could cost the United States. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, cause the unemployment to surge to 9 percent, and send global financial markets into chaos.
Republicans must work and be real with Democrats to address the debt limit to ensure that hardworking Americans, businesses, and communities across the country do not pay the price.
Raising the debt limit is the only responsible thing to do.