Merkley raises alarm over impending debt ceiling fight

Senator Jeff Merkley, D-Ore., took to the Senate floor Thursday to discuss the impending deadline to lift the debt ceiling before the nation’s borrowing authority runs out on Nov. 3.

Merkley noted that America has an obligation to pay its debts and that the full faith and credit of the United States should not be used for political brinkmanship. Following are excerpts of Merkley’s speech:

“Great nations don’t pay their bills late. They’re expected to be organized and competent and have their act together… There’s a tremendous incentive to pay on time because when you pay late the interest rate on your debt goes up…Many folks in this chamber say we should operate like a family and we should think about family values when it comes to finance. Families understand that you pay your bills on time. That’s fiscal responsibility…Not paying your bills on time is fiscally irresponsible…So let us listen to the voice of reason on fiscal responsibility to pay our debts on time.”

As the Wall Street Journal noted on Monday, the political debate surrounding the debt limit is already impacting markets, with Treasury bill interest rates rising to two-year highs.

Full video of the Senator’s speech is available here: https://www.youtube.com/watch?v=6h9L7cR4C5c