Hoyer Statement on Treasury Secretary Yellen's Letter Regarding the Debt Limit
“Today's news from Treasury Secretary Yellen reminds all of us what can happen when politics trumps rationality. It is unconscionable that the United States finds itself facing another protracted negotiation and risks defaulting on our obligations because Republicans want to play politics with our economy. Debt limit brinksmanship has become the norm when Republicans are out of power. Their hypocrisy on this and other matters of fiscal responsibility is staggering.
“We will ensure our nation pays its bills, whether it be with Republican support or solely with Democrats because, fundamentally, we are a nation that keeps its promises. The debt limit reflects the bill coming due for policy decisions in the past – such as trillions in deficits from tax cuts for the wealthy enacted under unified Republican control.
"While our long-term debt remains a serious challenge that cannot be ignored, we cannot ignore our nation’s immediate needs and fail to do what is necessary for our people in the near term to help them build back better and on a stronger footing from this pandemic.
“I urge Republicans to do what they did when Donald Trump was president and join Democrats in taking action to prevent the threat of a default.”
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