[Congressional Record Volume 141, Number 186 (Monday, November 20, 1995)]
[Extensions of Remarks]
[Pages E2230-E2232]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




MOTION TO DISPOSE OF SENATE AMENDMENTS TO H.R. 2586, TEMPORARY INCREASE 
                      IN THE STATUTORY DEBT LIMIT

                                 ______


                               speech of

                            HON. L.F. PAYNE

                              of virginia

                    in the house of representatives

                       Friday, November 10, 1995

  Mr. PAYNE of Virginia. Mr. Speaker, in urging my colleagues to vote 
in favor of the motion to recommit, let me take a moment to address 
potential arguments that those on the other side of the aisle may raise 
against the motion.
  Congressman Sam Gibbons and I are offering a motion to recommit the 
bill to the Committee on Ways and Means with instruction. As I have 
explained, the motion's instruction to the Ways and Means Committee is 
to amend the bill to provide a clean, temporary increase in the debt 
ceiling until either December 12--the same date as in the Republican 
bill--or the 30th day after a budget reconciliation bill is presented 
to the President for his signature, whichever is later.
  First, our Republican colleagues may argue that the amendment would 
provide an unlimited period of time for the President to delay. That is 
incorrect. The amendment would raise the debt limit for a finite period 
of 30 days beginning as soon as a budget reconciliation bill is sent to 
the President for his signature. If a bill were ready today and sent to 
the President, the clock would start ticking today and stop ticking 30 
days from now. The President's response to the bill would not affect 
the 30-day limit in any way. That 30-day period would allow us to put 
forth our best efforts to come together on the shared goal of a 
balanced budget. Our amendment is not indefinite and open ended. What 
seems to be indefinite and open ended is the ability of the Republican 
majority that controls this House to produce either a clean interest in 
the debt ceiling without partisan add ons or a budget bill.
  Second, our Republican colleagues may argue that the amendment would 
give the Treasury Department a blank check to increase the debt limit 
to whatever level it wishes. That is incorrect. The amendment would 
raise the debt ceiling to exactly the same level as that in the 
Republican debt bill. If a budget is not presented to the President in 
a timely way, then a higher amount would be allowed and in that case 
the higher amount would be limited to only what is necessary to pay our 
bills in the intervening days. The amendment in the motion to recommit 
would raise the debt limit cleanly, that is, without extraneous 
provisions of any kind. This suggested amendment is the businesslike 
approach that the American people deserve to the current regrettable, 
and avoidable, impasse.
  Third, our Republican colleagues may argue that the amendment would 
grant permission to the Treasury to raid retirement trust funds. That 
is incorrect. In fact, in the case of the civil service retirement fund 
this amendment would restore the current-law protections for Federal 
retirees and workers that the Republican bill would destroy. Current 
law requires that any funds used from civil service pension funds and 
retirement savings accounts to see ourselves through a debt limit 
crisis, such as the one we now face, must be reimbursed 

[[Page E 2231]]
with interest. Today this reimbursement is automatic. The Republican 
debt limit bill would take away that protection by repealing the 
requirement for automatic reimbursement of these funds with interest. 
My Democratic colleagues and I think that is wrong. Our amendment would 
protect Federal retirees and workers from that injustice. Regarding 
Social Security, the Secretary of the Treasury has said that he will 
not use funds from the Social Security trust fund for any purpose other 
than paying Social Security benefits. Social Security beneficiaries are 
fully protected. Period. Those on the other side of the aisle would be 
dead wrong to suggest otherwise.
  Fourth, our Republican colleagues may argue that the amendment would 
jeopardize the orderly process of managing our Nation's debt and 
honoring our Nation's commitments. That is incorrect. Our amendment 
would do exactly the opposite. The orderly way to proceed with these 
discussions about the best path to a balanced budget is to allow a 
clean, temporary increase in the debt ceiling unadorned by partisan add 
ons. That is precisely what our amendment would do. It is precisely 
that orderly process that the Republican majority disrupts by insisting 
that temporary debt increase include partisan add ons.
  I hope that our colleagues across the aisle will give our motion to 
recommit a careful reading. It provides an opportunity to all of us to 
work together rationally toward a balanced budget rather than to 
contribute to the atmosphere of partisanship and distrust. Again, I 
urge a vote in favor of the motion to recommit.
  


[[Page E 2232]]


                       SENATE COMMITTEE MEETINGS

  Title IV of Senate Resolution 4, agreed to by the Senate on February 
4, 1977, calls for establishment of a system for a computerized 
schedule of all meetings and hearings of Senate committees, 
subcommittees, joint committees, and committees of conference. This 
title requires all such committees to notify the Office of the Senate 
Daily Digest--designated by the Rules Committee--of the time, place, 
and purpose of the meetings, when scheduled, and any cancellations or 
changes in the meetings as they occur.
  As an additional procedure along with the computerization of this 
information, the Office of the Senate Daily Digest will prepare this 
information for printing in the Extensions of Remarks section of the 
Congressional Record on Monday and Wednesday of each week.
  Meetings scheduled for Tuesday, November 21, 1995, may be found in 
the Daily Digest of today's Record.

                           MEETINGS SCHEDULED

                              NOVEMBER 29
     10:00 a.m.
       Judiciary
       Antitrust, Business Rights, and Competition Subcommittee
         To hold hearings on issues relating to franchise 
           relocation in professional sports.
                                                            SD-226

                              NOVEMBER 30
     2:00 p.m.
       Judiciary
         To hold hearings on pending nominations.
                                                            SD-226

                               DECEMBER 5
     10:00 a.m.
       Judiciary
       Administrative Oversight and the Courts Subcommittee
         To hold hearings on S. 984, to protect the fundamental 
           right of a parent to direct the upbringing of a child.
                                                            SD-226

                               DECEMBER 6
     9:30 a.m.
       Indian Affairs
         To hold oversight hearings on the implementation of the 
           Native American Graves Protection and Repatriation Act 
           (P.L. 101-601).
                                                            SR-485