Quigley Statement on Raising the Debt Ceiling

Today, U.S. Representative Mike Quigley (IL-05) released the following statement concerning the importance of raising the debt ceiling:

"Raising our nation's debt ceiling has been, and should always be, a bipartisan issue. Raising America's debt ceiling ensures we do not default on our financial obligations to those we've borrowed from, and prevents economic catastrophe in the process.

"American businesses, economists, and financial institutions are all in agreement about the drastic consequences a debt default would have for the U.S. economy and working Americans. The Business Roundtable, which represents the CEOs of some of our nation's largest companies have said, "Failure to lift the U.S. federal debt limit to meet U.S. obligations would produce an otherwise avoidable crisis and pose unacceptable risk to the nation's economic growth, job creation and financial markets."

"And if you don't want to take their word for it, I recommend heeding the words of Ronald Reagan, who famously 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."

"If Reagan understood and believed in the importance of raising our nation's debt ceiling, surely Republicans in Congress should as well.

"Americans know and agree that you can't simply not pay your bills, but if Republicans refuse to raise the ceiling, that is what would happen. It would be similar to not paying your mortgage.

"There is being responsible and being irresponsible, and failing to raise the debt ceiling is the epitome of irresponsible.

"I am as committed to responsibility as I am to solutions. In 2012, I supported the Cooper-LaTourette bipartisan budget agreement that would save $4 trillion over 10 years. Last Congress, I cosponsored legislation to permanently repeal the debt limit. Taking risks is not fiscally responsible, and as members of Congress, we must ensure our constituents can trust us to not play political games with their livelihoods. Solutions like this would help to secure that trust."