Today, Congresswoman Sewell (D-AL) issued the following statement after voting against S. 627, "The Short-Term Default Act," introduced by Republican lawmakers:
"Today, I voted against "The Short-Term Default Act." This bill would push our country even closer to default by providing an irresponsible short-term approach that would put our economy at risk, ensure another debt ceiling standoff in a few months and does not give families, businesses and the markets certainty that they need in this difficult time. Our constituents sent us here to help solve America's problems not to create more of them. The constituents of the 7th Congressional District of Alabama sent me here to help make their lives better not to create fear and instability. America's debts are bills that we have already incurred, and regardless of who incurred them, we are responsible for paying them.
The bill I voted against today does not offer a balanced approach. It makes trillions in spending cuts only at the expense of seniors, children and families. Big oil and our nation's wealthiest Americans don't have to make any sacrifices under this bill. The bill is a short term deal not a long term solution to this nation's default crisis. This bill will cause our nation's credit rating to be lowered and could cause us to go into another recession. A downgrade in America's credit means that interest rates will increase on consumer loans and home mortgages. Credit card rates and auto finance rates will go up for already struggling American families. Additionally, American businesses will face increased hardships at a time when they desperately need stability to sustain themselves and grow.
There is less than a week left before we default on our national obligations, and I am disappointed that some of my colleagues are putting politics before our economy, and holding the financial stability and fiscal future of this nation hostage. In order to bring stability and certainty to our economy and avoid catastrophic consequences, we must come together on a long-term agreement so we can reduce our deficit, protect hard-working middle class families, children and seniors, and ensure we pay our nation's bills. Time is of the essence. America deserves much better. The faith and credit of the United States is at stake. Our nation's aura has been diminished already by our inaction.
I look forward to supporting a comprehensive measure that minimizes our debt, balances the federal budget and creates jobs."