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Rep. Ruben Gallego - One Minute Speech on Debt Limit

October 21, 2015

Mr. Speaker,

As Republicans bicker behind closed doors, the deadline to raise the debt limit draws closer and closer.

If we fail to act in time, interest rates will skyrocket, the dollar will plummet, and the stock market could collapse.

That’s unacceptable – it’s time to bring this manufactured crisis to an end.  

But let’s not fool ourselves – even if the Republican leadership does manage to pass a last minute extension, the mere threat of default will inflict real damage on the American economy. 

Economists tell us the 2011 debt limit standoff cost American jobs and contributed to the downgrade of the US credit rating.  And we are repeating the same mistake today. 

That’s why the true threat to our fragile economic recovery isn’t our budget deficit – it’s the leadership deficit that exists in the Republican Party. 

Unfortunately, for conservative Republicans, irresponsibility has become a badge of honor and recklessness a source of pride. 

Mr. Speaker, the American people want leadership instead of brinksmanship.  They want cooperation and compromise instead of deadlock and dysfunction. 

Let’s raise the debt ceiling and move on to the critical work of building a stronger and more prosperous nation. 

Thank you.