Political Quotes

David Thomas: “the fact is, it is great to talk about all the options, but the Treasury faces a payment obligation in late May. That…”

On the recordMay 23, 2003
the fact is, it is great to talk about all the options, but the Treasury faces a payment obligation in late May. That cannot be met without an increase in the statutory debt limit. If we amend the resolution, we will have to go back to the House of Representatives and possibly require a conference that would delay it until June. We cannot wait until June. The Secretary made it clear. He has taken all prudent and legal steps to avoid reaching the statutory debt limit. Treasury will only provide room until May 28, as I have said, next Wednesday, in the middle of the Memorial Day recess period when Congress will be out of town. Failure to act puts in jeopardy over $40 billion in Social Security and Medicare benefits the first week in June. I repeat, we have no choice. We must act today. I ask for the yeas and nays.
Said by
David Thomas
New York
Source
govinfo.gov

Editor's note · Context

Addressing the urgent need to raise the statutory debt limit to avoid jeopardizing Social Security and Medicare benefits.

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