The Hill News

Rep. Hoyer gave the following remarks at the Bipartisan Policy Center on the country's fiscal future:

If the United States fails to pay the bills it has incurred, it ‘would be a financial disaster not only for our country, but for the world economy.’ Those are the words of Speaker Boehner in January.

In fact, to quote another leader, ‘the full consequences of a defaultâ€"or even the serious prospect of defaultâ€"by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.’ Those were Ronald Reagan’s words in 1983.

That’s why it’s so disappointing that Republicans like Speaker Boehner are threatening just such an economic ‘disaster’ if Congress fails to pass their fiscal policies.

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