Conyers: Debt Ceiling Vote is a Sham; Vote Shows GOP Willing Wreck the Economy Over Their Extreme Partisan Agenda

Congressman John Conyers, Jr. (D-Mich.) today issued the following statement following the failure of H.R. 1954, which would have increased the statutory debt limit and prevented an economically damaging default on U.S. debt obligations. Treasury Secretary Timothy Geithner has estimated that the United States will no longer be able to pay its debts on August 2, 2011. Congressman Conyers has repeatedly stated that the health of the country's borrowing capacity is too critical to our economy to be tied to contentious debt reduction negotiations.

"I am saddened by the actions of my colleagues on the other side of the aisle tonight. By bringing up this sham bill, which they then voted to defeat, House Republicans have shown the American people that they are not working to solve this very serious issue of the debt ceiling in good faith. I refuse to take part in these types of legislative games and, as such, I could not support this legislation.

Both Democrats and Republicans are all too aware of the dire consequences a default would have on the long-term credit worthiness of our country. Yet, it appears that only one party is taking this threat seriously.

"According to an April 19 financial analysis by J.P. Morgan, a default would cause foreign borrowers of our debt to dump 20 percent of their holdings. This would dramatically drive up U.S. borrowing costs, plunge the stock market into tailspin, and decrease our gross domestic product by 0.4 percent. Our fragile recovery would grind to a halt and employers would again begin to shed jobs.

"Republicans in the House and Senate will try and use this vote to argue that future action on the debt ceiling must be coupled with a package of contentious debt reduction proposals. This argument is wrong headed and highly irresponsible. Politics must never be put before the good of the country. By holding the debt ceiling increase hostage for partisan purposes, House Republicans are flagrantly violating this sacred principal of responsible governance."

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