08.02.11

Durbin: Even Though Debt Ceiling Compromise Is Not Perfect, I Cannot Let the American Economy Descend into Chaos

Senator says consequences of defaulting on our nation’s debt would be dire

[WASHINGTON, D.C.] – Just before the United States Senate passed the bipartisan debt ceiling extension by a vote of 74-26, U.S Senator Dick Durbin (D-IL) spoke on the floor of the United States Senate about why he planned to vote for the compromise even though he disagreed with several portions of the legislation. In the speech, Durbin said that the consequences of defaulting on the nation’s debt would be dire and could affect Social Security beneficiaries, the Central Intelligence Agency, and even the men and women risking their lives in the Armed Forces. Immediately following the vote, Durbin spoke about the next steps we must take to begin creating good-paying jobs right here at home.

“I will vote for this measure with a heavy heart,” said Durbin. “There are parts of it that I will struggle to explain and defend, but I cannot let the American economy descend into chaos by failing to extend the debt ceiling. This bill makes a significant down payment on reducing our spending, and I hope that the Joint Committee it creates will further reduce our deficit it in a balanced and fair way—one that puts everything on the table. At the end of the day, Members of Congress and people in higher income categories should feel that they too are called to share sacrifice with the rest of the nation.”