Katie Grant, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today regarding Treasury Secretary Geither's letter to Congress regarding the debt ceiling:
“Today, Treasury Secretary Geithner informed Congress that, unless we act to ensure that America pays the bills that it has incurred, our country will approach its debt ceiling by May 16. Extraordinary efforts by the Treasury Department may allow for a reprieve through about August 2. In any case, the responsibility of Congress is the same. Reaching the debt ceiling is still imminent—and the consequences of failing to act, and defaulting on our debts, would still be catastrophic for the American and world economies. We must take what Speaker Boehner has called the ‘adult’ course of action and pay our bills.
“As Secretary Geithner reiterated today, ‘any attempt by either party to use the full faith and credit of the United States as a bargaining chip to advance partisan policy agendas would be irresponsible.’ Republicans cannot and must not hold our economy hostage in pursuit of their partisan goals.”