Carl Levin: “I cannot overemphasize the damage that would be done to the United…”

On the recordFebruary 28, 1994

I cannot overemphasize the damage that would be done to the United States' credit standing in the world if the Government were to default on its obligations, nor the unprecedented and catastrophic repercussions that would ensue. Market chaos, financial institution failures, higher interest rates, flight from the dollar and loss of confidence in the certain of all U.S. Government obligations would produce a global economic and financial calamity. We cannot refuse to pay our debts or it will be a national and international calamity.

Said by

Carl Levin

Democratic · Michigan

Source

govinfo.gov

Editor's note · Context

The speaker addresses the potential consequences of not raising the debt limit.

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Carl Levin: “I cannot overemphasize the damage that would be done to the United States' credit standing in the world if the…”

Editor's note · Context