[Congressional Record Volume 142, Number 9 (Wednesday, January 24, 1996)]
[House]
[Page H780]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          WAKE UP, REPUBLICANS

  (Mrs. CLAYTON asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Mrs. CLAYTON. Mr. Speaker, the President challenged us on many things 
yesterday, and he challenged us to come together to work for a balanced 
budget that would hold up the principle that has made this Nation 
great. The President also challenged us to be responsible as far as our 
liability and our bills.
  Mr. Speaker, now the Republican majority is threatening to hold the 
full faith and credit of the United States hostage, if they do not get 
their way on the budget.
  They have said that they will refuse to raise the debt limit, thereby 
causing our Government to be unable to pay its bills.
  This threat is no small matter, and its consequences are very 
serious.
  Already, the two biggest rating agencies in the United States have 
said that our Government may lose its high credit rating.
  If we lose our high credit rating, we will have to pay more for the 
money we borrow. That is self defeating.
  Worse, interest rates, even with the threat of a default, will begin 
to rise. Citizens will then pay more for mortgages, automobiles, and 
other consumer goods.
  Even the wealthy who they want to help with their big tax cut, will 
be hurt if America cannot meet its obligations.
  Wake up Republicans. The gain you hope to get with this risky 
maneuver, is not worth the loss you will cause.

                          ____________________