U.S. Rep. Diana DeGette (CO-1) issued the following statement in response to passage of the House Republican’s plan to address the looming default crisis.  On Thursday, DeGette, who joined with the entire Democratic caucus in voting against Speaker Boehner’s proposal, cosponsored H.R. 2663, the “America Pays its Bills Act,” which would simply raise the debt ceiling to avoid the first default crisis in our nation’s history. 

“As we stand four days away from the first default in our nation’s history, the Republican bill passed today may raise the debt ceiling for the near future, but it is an imbalanced approach to deficit reduction that disproportionately punishes the most vulnerable Americans, and, with its untenable balanced budget amendment timeline, sets the stage for likely default in six months. That timetable systematically continues the blanket of uncertainty this debate has placed over our economy, virtually ensuring a downgrade to the US credit rating and an economic crisis for our nation.  

“With the markets already reacting to the gridlock in Washington, it is time to pay our bills, avoid a default crisis that would send interest rates skyrocketing, and then focus on getting our fiscal house in order.  We must reduce our deficit, pay down our debt, and ensure the long-term solvency of Social Security and Medicare. These issues deserve balanced and thoughtful solutions; not to be held hostage to preserving the full faith and credit of the US.”  

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