Sheila Jackson Lee: “I include in the Record an article from Forbes. [From Forbes, Oct. 4, 2021] Defaulting on the National Debt Ceiling…”

“I include in the Record an article from Forbes. [From Forbes, Oct. 4, 2021] Defaulting on the National Debt Ceiling Would Be Catastrophic for Small Businesses Here we go again. It seems every time this issue arises, lawmakers seem intent to put the U.S. economy and small businesses at risk. Unfortunately, the U.S. Department of Treasury Secretary Janet Yellen has said that the federal government will run out of money on October 18 if the debt ceiling is not raised. The government reached its debt limit at the end of July and Treasury has been taking steps to keep from defaulting. If the debt ceiling is not raised in the coming weeks, the U.S. will default on its debt for the first time in its history and that will be catastrophic for small businesses. There is no question that our national debt needs to be addressed in the coming years with a mixture of revenue raises and spending cuts as the Clinton Administration did in the 1990s. However, defaulting on the debt is not the answer. It will not be some teachable moment on government spending. Instead, it will have unnecessary and irreversible consequences for almost all Americans. A Navigator survey also found that 58 percent of Americans support raising the debt ceiling. Unfortunately, this has become a political issue. Just a few days ago, Senate Minority Leader McConnell blocked Democrats from using a simple majority to get this done. Why?…”