[Congressional Record Volume 142, Number 13 (Wednesday, January 31, 1996)]
[House]
[Page H978]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              DEBT CEILING

  (Ms. JACKSON-LEE of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend her remarks.)
  Ms. JACKSON-LEE of Texas. Mr. Speaker, for the first time in the 
history of the United States, the President and Secretary of the 
Treasury are sitting in consultation as to what to do if this Nation 
defaults on its debt. What a crisis. Not in World War I, not in the 
Civil War, not in World War II did we ever sit to determine what we 
would do if we default on the debt.
  What an irresponsible act, Mr. Speaker, that we in a couple of days 
will not be able to pay our Social Security benefits to those who are 
living on the margin of life. This includes our benefits to the 
veterans, and, yes, our military pay to active duty military, 
particularly to those in Bosnia. I have been there, to Bosnia, Croatia, 
and the former Yugoslavia, to Germany and Italy, where our men and 
women are serving. I say to my colleagues that they are committed, but 
we will not be able to pay them.
  In addition, we will have working men and women who will see interest 
rates on their credit cards go up, as well as student loans, mortgages, 
and unemployment.
  Join me in supporting a privileged resolution that I will offer. We 
will not go home until we pass a bill creating a clean debt ceiling.
  Mr. Speaker, I rise today to urge this House to stop playing games 
with the full faith and credit of the United States and pass a clean 
debt ceiling extension.
  If the debt ceiling is not extended or is sent to the President in a 
form that he cannot sign, the repercussions will be devastating. 
Already, the leaders of our European Allies are warning of an 
international financial crisis should the United States default on its 
debt payments. Bond rating agencies are raising alarm that our Nation's 
triple A bond rating is in jeopardy.
  An actual default would cause interest rates on Treasury Bonds to 
rise, making a balanced budget almost impossible to achieve. Home 
mortgage and business borrowing rates would increase, slowing economic 
growth.
  In the past, many clean debt limit extensions have been passed in a 
bipartisan manner by this House. It was the right thing to do then, and 
it is the right thing to do now.
  Because of the devastating effects of a default, I plan to offer a 
privileged resolution to keep this House working until a clean debt 
ceiling is sent to the President.
  I urge my colleagues on both sides, do the right thing. Vote for my 
resolution, pass a clean debt ceiling extension and preserve the full 
faith and credit of the United States.

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