Quigley Statement on House Passage of Debt Limit Extension
Today, U.S. Representative Mike Quigley (IL-05) released the following statement after the House passed S. 1301, an extension of the debt limit:
“Today, House Democrats took the necessary step of extending the debt limit so the United States can continue to fulfill its financial obligations and prevent sending our nation’s economy into an uncontrollable tailspin.
“As President Reagan once said, ‘The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate.’ I couldn’t agree more. Failing to address the debt limit would lead to a massive financial crisis and could threaten the jobs and savings of millions of Americans. It is beyond reckless for Republicans in Congress to even threaten to force the nation into default.
“Playing political games with the full faith and credit of the United States is irresponsible, dangerous, and unacceptable. Unfortunately, these tactics have become all too common in Congress. That is why I cosponsored legislation this week that would permanently repeal the debt limit so Congress can no longer risk default by playing political games.
“I hope that Republicans in the Senate quickly come to their senses and extend the debit limit. I also hope Congress considers the permanent repeal of this antiquated, arbitrary, and unnecessary relic.”
Congress has raised the debt ceiling more than seventy times since the 1960s, under both Democratic and Republican Presidents, including three times when President Trump was in office. Treasury Secretary Janet L. Yellen has warned of “catastrophic” consequences if Congress fails to raise or suspend the statutory debt limit by October 18. Republicans have blocked an extension of the debt ceiling twice in the past week.