Political Quotes

“Madam Speaker, I know I am going to be the third Democratic speaker to talk about the debt limit, but I think it is a point that needs to be made. Madam Speaker, every single day Americans across our country are forced to take extraordinary measures just to keep a roof over their head and food on the table. Now, because of the extremist agenda of some of our Republican colleagues, the Department of the Treasury has begun to do the same to avoid a default. The consequences of such a default could be catastrophic. The first real default in U.S. history could lead to a sudden jump in interest rates and raise mortgage, car, and credit card payments for our working families. As the Federal Government struggles to maintain its financial commitments, payments for Social Security, benefits for veterans, and paychecks for military servicemembers could be delayed and suspended. By one estimate, a default could add $130,000 to the cost of an average 30-year mortgage, eliminate over 3 million jobs, and increase the national debt by an additional $850 billion. As much as $15 trillion in household wealth could be wiped out in the ensuing recession. Our competitors across the world, like China and Russia, would surely see this U.S. default as an indication of American decline and be further emboldened. As the Representative of Hawaii's Second Congressional District, I speak on behalf of the diverse communities I represent, spanning all eight Hawaiian islands.…”