Congressman Gregory W. Meeks Statement on the U.S. Debt Ceiling Bill

August 1, 2011

Congressman Gregory W. Meeks Statement on the U.S. Debt Ceiling Bill

(WASHINGTON, DC) – Congressman Gregory W. Meeks (NY-6), Senior Member of the House Financial Services Committee and House Foreign Affairs Committee, released the following statement on the United States Debt Ceiling Bill:

“This has been a very distressing few weeks as we have watched the country come to the precipice of economic downgrade and subsequent disaster because Republicans refused to put the best interest of the country first and compromise. What we had before us today was an imperfect bill, but I voted in support of it because I could not in good conscience put our economic well being any further at risk. Republicans may be comfortable with playing politics with our good standing as a nation and our economic stability but that is not an option for me.
“I have said all along that the United States must send an unequivocal message to its creditors; America pays its bills. This deal sends that message and preserves our credit standing and our credibility without jeopardizing the programs that so many in my district desperately need. Had our credit been downgraded constituents would have faced higher mortgage rates and borrowing costs, in effect an increased tax burden on those who can least afford it.
“I applaud the President and Vice President for successfully overcoming Republican recklessness and securing a long-range debt ceiling increase while developing a serious process to address tax reform and deficit reduction.”