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Waters: Once Again, Democrats Must Rescue Economy

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Washington, DC, February 11, 2014 | comments
As the House of Representatives stood poised to approve legislation to increase the government’s borrowing authority, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, urged passage of the measure. Waters underscored the importance of the “clean” debt ceiling increase as critical to avoiding economic catastrophe. She also pointed out that once again, the Democratic party had to supply the votes necessary to protect the nation’s well-being.

In remarks given on the House floor, Waters criticized Republicans for the lasting economic impacts of holding the full faith and credit of the U.S. government hostage in 2013, and cited their irresponsibility in opposing this measure again.

Minutes ago, the House voted 221-201 to lift the debt ceiling. Only 28 Republicans voted in favor.

Her full remarks are below and can be viewed here:

As prepared for delivery:

Thank you Mr. Speaker.

Once again, it is the House Democrats that are required to take the important action to protect our nation’s well-being. Today, most House Republicans will once again refuse to stand behind the full faith and credit of the United States– threatening an economic catastrophe for all Americans.

When Republicans pushed our nation to the brink of default last year by refusing to lift the debt limit, businesses, large and small, began to cut back by slowing spending and hiring.

Consumer confidence fell faster than at any time since the financial crisis in 2008.  Potential homebuyers didn't buy homes.

But despite these warnings, House Republicans still want to push us to default. And the consequences would be disastrous.

The value of our 401(k)s and IRAs would plummet – significantly hurting those saving for retirement.

For consumers, a default would make credit cards, mortgages, and student and auto loans all more expensive.

Default would lead to a U.S. credit rating downgrade, making it harder for businesses to hire new employees, and our cities and states to finance schools, hospitals, roads and bridges.

Mr. Speaker, the American people cannot afford another round of Republican recklessness.

Everyone from Wall Street CEO's to conservative economists agree—we need to honor our debts.

I and my Democratic colleagues will once again do what is necessary.  I urge Republicans to put Americans before ideology, and support this legislation to raise the debt ceiling. 

I yield back.


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