Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after Secretary of the Treasury Jacob Lew sent a letter to House and Senate leaders stating that the debt limit will be breached by February 27th without congressional action:
“Let there be no doubt: once again, Republican inaction and delay is threatening the full faith and credit of the United States. To default on our debt for the first time in history would demonstrate the height of irresponsibility on the part of the Republican majority in the House. There’s simply no reason to play political games with the debt ceiling and, as Secretary Lew made clear in his letter, ‘it would be a mistake to wait until the last possible minute to act.’
“Republicans in Congress have manufactured these crises before, with disastrous results – the first-ever downgrade of America’s credit rating; widespread, negative impacts on businesses and consumer confidence; a Republican Government Shutdown that drained billions out of our economy. Any Republican effort that leads to a default has real and devastating consequences for the American people: in hits to retirement savings and higher interest rates for student loans, mortgages, credit cards, and car payments.
“With only five days left in session before the deadline, we must act now. Democrats are ready to work with our Republican colleagues to enact a clean increase in the debt ceiling. Democrats hope the Republican leadership makes the right choice and brings this up for a vote, so our country can pay our bills.”