Luján Statement on Averting Unprecedented Debt Default
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement on the Senate passage of the Fiscal Responsibility Act, legislation to avoid a first-ever default and protect New Mexico veterans, seniors, and working families:
“This bipartisan agreement is far from perfect, but it takes an unprecedented debt default off the table that would have wreaked havoc on the economy and slashed millions of American jobs. The Biden administration and Congressional Democrats successfully rejected the worst of Republican-led cuts and protected key investments for our economy.
“This deal is a compromise across the board, and the reality is that if Congressional Republicans had their way, they would hold the Full Faith and Credit of the United States hostage to advance a dangerous right-wing agenda. Upholding our Constitutional authority and avoiding a debt default should never be used to score political points – it undermines our credibility and endangers Americans’ livelihoods. A default would mean the benefits Americans rely on would suddenly be in jeopardy – like Social Security, Veterans benefits, and military pay.
“With the passage of this legislation, Americans can get back to their lives without worry that the economy could collapse. Now, Congress must ensure that it does not end up in this same position down the line. That is why I support eliminating the need to raise the debt limit, which has no impact on federal spending and should not be used to hold the economy hostage.”