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SFRC Chairman Menendez Statement on Republican Default Plan

WASHINGTON – U.S. Senator Bob Menendez (D-N.J.), Chairman of the Senate Foreign Relations Committee, released the following statement in response to the Republican’s reckless default plan and how it only serves to embolden China:

“The Republican plan to default on the United States debt would be the single greatest strategic gift we could give to the Chinese Communist Party, which is eager to portray itself as a stable and dependable alternative to the U.S.

“Make no mistake, the Republicans’ default will push the United States and global markets off an economic cliff. Republican recklessness will threaten U.S. financial leadership in the world and severely undermine the primacy of the dollar. Our competitors and adversaries stand ready to take advantage of the chaos and financial hardship that Republicans are dangerously close to inflicting on hard-working families in New Jersey and all across the nation.”