Schumer: If McCarthy Continues In This Direction We Are Headed For Default

Senate Majority Leader Chuck Schumer (D-NY) has given a press conference to respond to House Speaker Kevin McCarthy's (R-CA) speech at the New York Stock Exchange earlier today.

• Schumer: "One thing is clear from this morning's theater at the [NYSE]… Speaker McCarthy continues to bumble our country towards a catastrophic default which would cause the economy to crash, cause monumental jobs losses, and drastically raise costs for the American people."
• Schumer: "He went all the way to Wall Street and gave us no more details. No more facts. No new information at all. I'll be blunt, if Speaker McCarthy continues in this direction we are headed to default."
• Schumer: "The main way we have avoided default in the past is to reject brinksmanship and hostage taking and instead work together in a bipartisan way."
• Schumer says McCarthy invoked President Reagan, arguing that "Ronald Reagan was never as reckless as Speaker McCarthy is being. Ronald Reagan said: 'Debt ceiling brinksmanship threatens the holders of government bonds and those who relay on social security and veterans benefits. The United States has a special responsibility to itself, and the world, to meet its obligations.'"