Peter Welch Quotes

Our nation suffers when Congress fails to pay America's bills on time.

If we hit the debt ceiling, that's... essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic.

The interest on our debt is going to collapse this country.

The United States has never prioritized or failed to pay any obligation when due during a debt limit impasse. Despite the institutional risks and the lack of clear legal authority, we assume that Treasury will attempt to prioritize payments in a last-ditch effort to avoid default.

Republicans in Congress have two choices here: They can act responsibly, and pay America’s bills; or they can act irresponsibly, and put America through another economic crisis. But they will not collect a ransom in exchange for not crashing the American economy.

The tenor of the comments as we got closer and closer to August got dominated by 'Wouldja please get this over with' and not let us go into default.

Here's the perversity of Wall Street's psychology: The more Wall Street is convinced that Washington will act rationally and raise the debt ceiling, most likely at the 11th hour, the less pressure there will be on lawmakers to reach an agreement. That will make it more likely a deal isn't reached.

Economies typically do not function well in hyperinflation. The real value of government debt might disappear, but the economy is likely to disappear with it.

It is simply science fiction fantasy to say that, if you do not raise the debt ceiling, that everything is going to collapse.

I think what's important to understand is if the United States hits the debt ceiling and is unable to pay its debts, the consequences will be immediate and dramatic.

The thing is, Obama is right that it would be a calamity for the government to default on its debt by not meeting its obligations. Such a thing has never happened and can't be allowed to happen.

I don't know of any of us that want to see any kind of default happen.

Nobody wants to put the creditworthiness of the United States in jeopardy. Nobody wants to see the United States default. So we've got to seize this moment, and we have to seize it soon.

If our nation goes over a financial Niagara, we won't have much strength and, eventually, we won't have peace. We are currently borrowing the entire defense budget from foreign investors. Within a few years, we will be spending more on interest payments than on national security. That is not, as our military friends say, a 'robust strategy.'

Solving a problem created by debt... by creating more debt is a fool's errand.

Between 1857 and 1929, while regulators largely stood idle, the American economy swung through 19 national boom-and-bust gyrations that sometimes threatened to wipe out whole industries within months.

We are at crisis point. I think anybody that sees this nation as being on stable economic or fiscal ground is fooling themselves.

The debt ceiling at some point has to be raised. I don't think there's anybody that questions the fact that if we ended up getting in a situation where the U.S. government was sending out IOUs like the state of California did at one point, that ends up creating quite a brand problem for our country.

In this age, if the currency of a major nation collapses, or its access to borrowing ends, it just can't function.

I think, my generation, it's hard to have hope when you got a $700-trillion derivatives debt to pay and a bubble about to explode and $500 trillion worth of GDP.

I certainly don't want our nation to go into default, but at the same time, I'm very concerned about our ongoing debt problem.

But if our nation goes over a financial Niagara, we won't have much strength and, eventually, we won't have peace. We are currently borrowing the entire defense budget from foreign investors. Within a few years, we will be spending more on interest payments than on national security. That is not, as our military friends say, a 'robust strategy.'

Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.

Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier…

If we get to the point where we damage the full faith and credit of the United States, that would be the first default in history caused purely by insanity.