[Congressional Record Volume 141, Number 171 (Wednesday, November 1, 1995)]
[House]
[Pages H11662-H11663]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        HOLDING DEBT CEILING HOSTAGE WILL HURT WORKING AMERICANS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Michigan [Mr. Bonior] is recognized for 5 minutes.
  Mr. BONIOR. Mr. Speaker, in the past 220 years, America has been 
through 10 wars, the westward expansion, a Civil War, the Industrial 
Revolution, the Great Depression, Naziism, and Communism. This Capitol 
that we reside in right now was even burned in 1812, I believe.
  Mr. Speaker, through it all, through all of that, for 220 years, the 
government has paid its bills. It has always paid its bills. But now 
Speaker Gingrich is threatening to put it all at risk.
  The Washington Times pointed out last Thursday, in order to force 
through the extreme Republican budget, they pointed out by the way 
which would cut Medicare to pay for tax breaks for the wealthy, they 
pointed out that the Speaker is threatening to throw the U.S. 
Government into default for the first time in our history.
  In order to ram through their Medicare cuts, Speaker Gingrich is 
willing to use the debt limit to blackmail the President, to hold 
America's working families hostage, and put us in league with some of 
the Third World nations who have not met their obligations over the 
years and who do not honor their promises.

[[Page H 11663]]

  Mr. Speaker, this just will not be an international embarrassment or 
an embarrassment that breaks records of historical precedence. It is 
going to have a devastating impact on the men and women, the working 
men and women in this country. It is going to affect them directly.
  The debt ceiling affects interest rates. If we do not pay our bills, 
interest rates are going to go up. Some people say they are going to 
shoot through the roof. The Gingrich interest rate increase will mean 
that Americans will pay more for car loans; they will pay more for 
school loans; they will pay more for credit cards.
  Worst of all, every family that has an adjustable mortgage rate, they 
have an ARM, and there are literally millions of Americans who have 
these financial instruments to pay for their mortgage, they will see 
their payments go up right around Christmas time.
  New home buyers could easily see a $600 mortgage increase. That is 
what is at stake when we talk about the debt limit, and when we talk 
about holding it hostage, and when we talk about for the first time in 
220 years not paying our bills.
  Mr. Speaker, this will have an effect on the pension funds of senior 
citizens and the savings plans of many people who have payroll 
deduction plans.
  One Republican Member on this side of the aisle even suggested that 
they should use all the tricks up their sleeve. He suggested that 
Republicans let the Government go bankrupt, even if it means delaying 
tax refunds next year. He even suggested that we not put payroll tax 
receipts into the Social Security trust fund.
  Keep in mind, this comes from the same party which had a Congressman 
define the middle-class last week as those people who earn between 
$300,000 and $750,000 a year, and he defined the lower middle-class as 
those making between $100,000 and $200,000 a year. I would sure like to 
live in his neighborhood.
  Mr. Speaker, the Gingrich budget passed last week slashes Medicare 
and slashes Medicaid; it cuts student loans; it repeals nursing home 
standards, all to pay for tax breaks for the wealthiest individuals and 
the wealthiest corporations in America.
  Speaker Gingrich says we have to default on our debt in order to get 
the budget passed. Mr. Speaker, I say they have to drop these 
irresponsible tax breaks for the wealthy. We stand with the President 
and we stand solid and we say to the President, ``Hold firm, Mr. 
President. You are doing the right thing.''

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