Waters Statement on Fiscal Deal
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement following the House of Representatives vote on legislation to raise the debt limit and end the government shutdown.
“I’m pleased that Congress has finally voted to end this unnecessary government shutdown and debt limit crisis. However, I remain concerned that the resolution passed today only opens the government and extends the debt ceiling for a precious few months.
The resolution extends the continuing resolution through January 15 and suspends the debt limit until February 7. We in Congress cannot again disrupt people’s lives in this manner. The government shutdown caused financial hardship for hundreds of thousands of workers and their families. Homebuying slowed significantly, Head Start centers across the nation closed their doors, and federal agencies halted the important work of implementing and enforcing the Wall Street Reform Act. Our country cannot afford another event of this magnitude.
In addition, continued uncertainty around the nation’s willingness to pay its bills is dangerous for our economy and markets. Just the prospect of defaulting on the full faith and credit of the United States sent shockwaves through the financial markets. Businesses large and small have already started to cut back and consumer confidence has dropped precipitously.
These types of manufactured crises cannot become commonplace in our political system. The pain inflicted on the economy – and the American people – is far too severe. Despite the trauma of this impasse, the problems needing resolution remain. Deep cuts in discretionary spending known as ‘sequestration’ remain in place, which is hurting many essential federal programs. If we cannot quickly proceed with a constructive discussion that incorporates both budget cuts and revenue enhancements, there are more difficult times to come.”