As news broke late today that Moody’s rating service has placed the United States of America on review for a possible bond rating downgrade, Chief Deputy Whip Peter Welch (D-Vt.) called on Congress to complete negotiations or pass a clean debt ceiling extension. Welch led 114 Democrats in pushing for a clean extension in May.

“This warning shot from Moody’s should be sobering to those who doubt the gravity of this perilous game of chicken. There will be no winners.    

“The clock continues to tick. Congress has two choices: Raise the debt ceiling on our own initiative or be pistol-whipped into doing so by the bond markets. Moody’s warning suggests we are coming dangerously close to the latter option.   

“Default is wrong, unnecessary and completely avoidable. If negotiators are making progress, they should step up the pace. If, as it appears, they are moving farther apart, they should do the responsible thing and bring a clean debt ceiling extension to a vote.  

“America cannot default on its obligations. We must pay our bills.”