Majority Leader Schumer Floor Remarks After Senate Passed Legislation To Fast-Track The Process To Raise The Debt Ceiling And Avoid Default

Washington, D.C. –  Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor after the Senate passed legislation that allows a fast-tracked process to raise the debt ceiling. Below are Senator Schumer’s remarks:

I am really pleased that this chamber has just passed legislation setting up a fast-track process for debt ceiling legislation.

No brinksmanship, no default on the debt, no risk of another recession: responsible governing won the day.

This is now headed to the President’s desk.

I want to be clear: this is about paying debt accumulated by both parties, so I am pleased we were able to facilitate a process – with the support of members from both parties –that avoids a needless and catastrophic default and cuts to Medicare. This was a bipartisan process and I hope there can be more.

And I want to thank Leader McConnell for working with us in good faith to get to this point.

We started this month with a daunting to-do list, but we have made significant progress and are on track to get the work done.

To repeat, we did this with no brinksmanship, no default on debt, no risk of another recession. It was responsible governing that won the day and now the bill is headed to the President's desk.  

I expect, after this legislation is signed, I expect new legislation will be introduced to increase the debt limit, and we intend to pass it by December 15th. The American people can breathe easy and rest assured there will not be a default.

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