Shuster: Defaulting on the Debt Would be Reckless10/17/13
Washington – Congressman Bill Shuster voted for H.R. 2775, Continuing Appropriations Resolution, which maintains current funding levels at sequestration levels until January 15th and raises the Debt Ceiling until February 7th.
“Last night, I voted for a temporary deal to end the dysfunction in Washington and prevent the US government from going into default. This 113 day extension of the debt ceiling averts a major economic crisis while providing a framework to continue the conversation of spending reform.
Defaulting on the government’s debt would be reckless and was simply not an option. The economic cost would have been astounding. A default would cost one trillion dollars to the US economy, and the trickle down impact on hardworking Americans, including my constituents, would have been devastating.
This vote was about doing the right thing for the people of the 9th District and the nation. My constituents’ life savings, retirement accounts, and 401ks were all at risk if the government defaulted.
I share many of my constituent’s frustration with government overspending, which is why I voted to keep the fight alive. This wasn’t a perfect bill, but we need to prevent default in order to continue the fight and make real reforms. We can’t do that under default. This fight has brought everyone to the table and started a discussion. Now we have 113 days to make real progress on spending and reforming entitlement problems.”