"Before turning to today's announcement, let me just address another very big issue for New York City, and that's the debate that's going on in Washington over the debt ceiling. The leadership in both parties agrees that we have to raise the debt limit before August 2nd. If America, for the first time in its history, defaults on its obligations, it would have a catastrophic effect on our financial system - and on our credibility around the world. It would also take a serious toll on our economy, and that at a time when the nation is still trying to recover from the deep recession. New York City's economy is on the mend from the financial crisis of 2008, but defaulting on our debt, I think would be a huge setback. Now, I understand that both parties in Washington have different plans for how to reduce our debt - and I hope they can come to an agreement soon - but that debate should not be tied to the debt ceiling. America's good name and credit are just too important to be held hostage to Washington gridlock, and I hope that in the end cooler heads will prevail and an agreement will be reached quickly."