WASHINGTON – U.S. Senator Ben Cardin (D-Md.), Chair of the Senate Small Business and Entrepreneurship Committee and a member of the Senate Finance Committee, released the following statement on Republican obstruction of a procedural vote to begin consideration of a resolution to fund the government into the new fiscal year. The Continuing Resolution also includes raising the debt limit and emergency relief for regions most affected by recent hurricanes.
“Shutting down the government and defaulting on our debts are two things we absolutely cannot allow to happen. Both of these would be catastrophic for our fragile economy still emerging from the pandemic. The cost to American families, small business and others is unthinkable – an estimated 6 million jobs lost, unemployment skyrocketing back up to 9 percent, and a potential $15 trillion in lost household wealth. I truly am astounded that Republicans would play political games with the lives of so many Americans, as well as the full faith and credit of the United States of America.
“Raising the debt limit does not authorize new spending. It is about paying the tab for past decisions. Republicans voted for raising the debt limit when there was a Republican president spending taxpayer dollars without pay-fors. Now that we have a Democratic president, my colleagues have forgotten to put the nation’s well-being first. They know well that if we were to hit the debt ceiling and default, American taxpayers and businesses – large and small – would pay more because the cost of government borrowing will go up. This is not speculation. America cannot risk default and a downgrade of our national credit rating. The cost of home mortgages will go up; credit card costs will go up; student loan costs will go up. Default will hurt and it will cost jobs. We must remove politics from this vote and pay our bills.”