Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding the bipartisan agreement to take default off the table and protect the U.S. economy. Below are Senator Schumer’s remarks, which can also be viewed here:
Three days ago, President Biden and Speaker McCarthy announced a bipartisan budget agreement that will protect the U.S. economy while eliminating the threat of a catastrophic default.
I support the bipartisan agreement that President Biden has produced with Speaker McCarthy. Avoiding default is an absolute imperative; the damage that default would inflict on our country, our economy, our families would be enormous and take years from which to recover.
Of course, nobody is getting everything they want – there is give on both sides – but this agreement is the responsible, prudent and very necessary way forward.
Today, the House of Representatives is beginning the process of moving that legislation through the chamber.
When this bill arrives in the Senate, it is my plan to bring it to the floor as quickly as possible for consideration. Senators must be prepared to act with urgency to send a final product to the President’s desk before the June 5 deadline.
I commend President Biden and his team for producing a sensible compromise under the most difficult of circumstances.
The bipartisan agreement accomplishes two major goals: first and foremost, it takes default off the table, sparing Americans from immense economic pain, and second, it protects key investments that are essential for growing our economy, for fixing our infrastructure, for making the U.S. more competitive on the world stage.
Social Security, Medicare, Medicaid will not be touched. Our veterans will be cared for. And, again, we are avoiding the single worst outcome possible – a default on the national debt.
From the start, I’ve said that the best way forward to avoiding default is bipartisan cooperation, and that’s what this agreement represents.
Again: nobody got everything they wanted, but this bill is the responsible and prudent and necessary way forward.
A default on the national debt would be one of the great disasters in our nation’s economic history. It would mean another painful recession. It would mean 8 million fewer jobs. And it would mean soaring costs on credit card payments, mortgages, small business loans, and diminished 401(k)s.
There is no reason to subject the American people to the pain of default. We still have more work to do in Congress, but I am optimistic that the path has now been paved and our objective is clear.
We must pass this bipartisan agreement avoiding default as soon as we can. I hope the House moves quickly, and I will make sure the Senate moves quickly the moment this bipartisan bill is sent to us by the House.