Jamie Dimon on the U.S. government debt downgrade by Fitch

It doesn't really matter that much.  The markets decide; it's not the rating agencies who make these big decisions.  Number two, they point out some issues which we all knew about, about our debt ceiling crisis and things like that.  Number three and most important to the American public, this is the most prosperous nation on the planet.  It's still the most prosperous nation on the planet.  It's the most secure nation on the planet.  And I would point out to the rating agencies, if I could, there are a bunch of countries rated higher than us - I think AAA - but they live under the American enterprise military system.  To have them be AAA and not America, it's kind of ridiculous.

[...]

This is the most prosperous nation on the planet.  North America.  We have the Atlantic and Pacific, the best military, the best economy the world's ever seen, the most innovation.  The credit is sound.  It should be the highest rated credit in the world.  And, yes, there are issues about it [the debt ceiling] being raised publicly.  I agree with that.  We should get rid of the debt ceiling...  We need certainty in the world and should have more of it.

Jamie Dimon, CNBC interview, 1:50 mark, August 2, 2023

Donald Trump on the debt ceiling

Looks like Mitch McConnell is folding to the Democrats, again.  He’s got all of the cards with the debt ceiling, it’s time to play the hand.  Don’t let them destroy our Country!

~ Donald Trump, written statement, October 8, 2021

Mitch McConnell on raising the debt limit

Democrats are preparing another staggering taxing and spending spree without any Republican input or support.  Bipartisanship is not a light switch that Speaker Pelosi and Leader Schumer may flip on to borrow money and flip off to spend it.

~ Mitch McConnell, writing on October 4, 2021

(As quoted in "What Does Mitch McConnell Want in the Debt Ceiling Standoff?," The New York Times, October 5, 2021

President Biden on raising the debt limit

We're able to borrow because we always pay our debt.  We always pay what we owe.  We've never failed.  That's America.  That's who we are.  That's what's called for.  It's called "full faith and credit of the United States."  It's rock solid.  It's the best in the world.

~ President Joe Biden, October 4, 2021

Janet Yellen on the debt ceiling

I can't think of anything more harmful to the role of the U.S. dollar than failing to raise the debt ceiling.

~ Treasury Secretary Janet Yellen, Congressional testimony, September 28, 2021

Mark Zandi and Bernard Yaros on failure to raise the debt ceiling

Shutting the government down would not be an immediate hit to the economy, but a default would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic.  Global financial markets and the economy would be upended, and even if resolved quickly, Americans would pay for this default for generations, as global investors would rightly believe that the federal government’s finances have been politicized and that a time may come when they would not be paid what they are owed when owed it.  To compensate for this risk, they will demand higher interest rates on the Treasury bonds they purchase.  That will exacerbate our daunting long-term fiscal challenges and be a lasting corrosive on the economy, significantly diminishing it.

~ Mark Zandi and Bernard Yaros, "Playing a Dangerous Game With the Debt Limit," Moody Analytics, September 21, 2021

Nancy Pelosi on raising the debt ceiling

We Democrats supported lifting the debt ceiling [during the] Trump administration because it was the responsible thing to do.  I would hope that the Republicans would act in a similarly responsible way.

~ Nancy Pelosi, Speaker of the House, "Lawmakers Must Act on Debt Limit Or Risk October Default, Yellen Says," The New York Times, September 9, 2021

Warren Buffett on the debt ceiling

It doesn't really make any sense. The way to limit debt is to take in revenues in relation to your expenditures, and to have this artificial limit, which always gets raised in the end, disrupt the activities in an important way in Congress periodically, is a waste of Congress's time.

~Warren Buffett, the Oracle of Omaha, CNBC interview, July 18, 2011

Ben Bernanke on the consequences of a US debt default

It would be a calamitous outcome. It would create a very severe financial shock that would have effects not only on the U.S. economy, but the global economy.

~Ben S. Bernanke, chairman, Federal Reserve, Congressional testimony to the Senate Banking Committee, July 14, 2011

Chinese rating agency chairman on the creditworthiness of the US govt

Whether the U.S Congress approves the deal to raise the country's debt ceiling or not, it can't improve the repayment ability of the U.S. [The U.S. government is] issuing new debt to repay old debt.

~Guan Jianzhong, chairman, Dagong Global Credit Rating Co., company report, July 14, 2011

Ben Bernanke on possible US debt default

I think that there is not really any solution other than to find a way to solve these problems, to address the fiscal issues and to raise the debt limit at the appropriate time.

Ben S. Bernanke, chairman, Federal Reserve, July 14, 2011

Harry Reid on the consequences of a US debt default

[If the U.S. defaults] a massive financial disaster will sweep the world in a global depression.

~Harry Reid, US Congressional representative from Nevada, July 14, 2011

Jamie Dimon on US debt default

It's imperative that that debt ceiling be fixed and it's imperative the United States shows fiscal discipline. They're both important not just for the health of the United States, but the financial health of the world.

No one, no one can tell me with certainty that default wouldn't cause catastrophe. Therefore it's irresponsible to take that chance. It's not possible that someone can say with a straight face that the default of the United States wouldn't damage the United States and the global economy. Why take that chance? I would never take that chance.

Jamie Dimon, chairman and CEO, JP Morgan Chase, 2nd Quarter 2011 conference call, July 14, 2011

Austan Goolsbee on playing chicken with the public debt ceiling

The impact on the economy would be catastrophic. That would be a worse financial economic crisis than anything we saw in 2008. I don't see why anybody's talking about playing chicken with the debt ceiling.

~ Austan Goolsbee, chairman, White House Council of Economic Advisers, ABC's This Week, January 2, 2011

Barack Obama argues against his 2011 national debt policy in 2006

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. … Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

~ Barack Obama, then senator from Illinois, arguing against raising the US debt ceiling, March 20, 2006

Tim Geithner asks to raise debt ceiling

Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support. This is clearly a moment in our history that calls for continuation of that tradition.

~ Timothy Geithner, Treasury Secretary, "Geithner asks Congress for higher U.S. debt limit", Washington Post, August 7, 2009