[Congressional Record Volume 141, Number 171 (Wednesday, November 1, 1995)]
[House]
[Pages H11592-H11593]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PLAYING WITH FIRE

  (Mr. BENTSEN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. BENTSEN. Mr. Speaker, there are some in this House who have 
suggested that perhaps the United States should default on its debt 
limit and, therefore, default on Treasury bonds.
  As one who came to this House from the private sector, who came to 
this House from the securities industry, let 

[[Page H 11593]]

me tell you if we default on Treasury bonds, it will be violating a 
faith that the U.S. Government has had with the rest of the world and 
with its taxpayers since we came into existence.
  If we break that faith, we will never again regain the confidence of 
the markets; but, furthermore, we will hurt U.S. bondholders which 
include pensioners throughout this country. We will hurt homeowners who 
will see their mortgage rates to up, particularly those who have 
adjustable rate mortgages.
  Mr. Speaker, you are playing with fire if you are talking about 
defaulting on United States debt. Do not default, or history will find 
you wrong.

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