Perlmutter, Polis, DeGette Urge House Republicans to Pass Clean Extension of the Debt Ceiling

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Washington, DC, October 23, 2015 | comments

Today U.S. Reps. Ed Perlmutter (CO-07), Jared Polis (CO-02) and Diana DeGette (CO-01) sent a letter to Speaker Boehner asking him to act responsibly and pass a clean extension of the debt ceiling by November 3, 2015. Raising the federal debt limit will ensure America can pay its bill and will provide certainty to financial markets, businesses, and families.

“Failing to do so [raise the federal debt limit] will plunge the nation into default for the first time in American history, risking economic catastrophe. Raising the debt ceiling will ensure that America pays its bills for expenses already incurred, and does not authorize any new spending,” the letter reads.

The letter continues on to say, “As you will recall, when this irresponsible tactic was employed in 2011, it cost the American taxpayer $19 billion in higher interest costs.”

The previous debt ceiling crises in 2011 and 2013 put our nation’s economy at risk and harmed our nation’s reputation on the world stage. The debt ceiling crisis in 2013 led to the first downgrade of our nation’s credit in history and lasted for over two weeks costing our economy $24 billion and 120,000 private sector jobs.

See below for the full text of the letter:

Dear Mr. Speaker:

Congress will soon be faced with the question of raising the debt ceiling. The solvency of the federal government requires Congress to act in a timely fashion. Failing to do so will plunge the nation into default for the first time in American history, risking economic catastrophe. Raising the debt ceiling will ensure that America pays its bills for expenses already incurred, and does not authorize any new spending.

When the House takes up this issue, we will support a clean extension of the debt ceiling which will allow America to continue to pay its bills as they come due. 

We categorically reject the view that it would be acceptable for America to default if unrelated demands are not met. As you will recall, when this irresponsible tactic was employed in 2011, it cost the American taxpayer $19 billion in higher interest costs.  

Sincerely,

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