[Congressional Record Volume 142, Number 15 (Monday, February 5, 1996)]
[Extensions of Remarks]
[Pages E159-E160]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PLAYING WITH FIRE

                                 ______


                         HON. RONALD D. COLEMAN

                                of texas

                    in the house of representatives

                       Thursday, February 1, 1996

  Mr. COLEMAN. Mr. Speaker, the past 2 months have brought into sharp 
focus the lengths our new House Majority will go to get their way. The 
Republicans have virtually abandoned any pretense of true debate and 
discussion of differing views as they have literally stalled the 
functions of government in an attempt to force their extreme priorities 
on the President and the American people.
  Twice, the Republicans shut down the Federal Government because the 
President and Congressional Democrats wanted to balance the budget 
without large tax breaks for the wealthy, and without the deep cuts in 
Medicare, Medicaid, education, and the environment needed to pay for 
them. House Republicans seriously miscalculated the President's resolve 
and thought closing our Nation's Social Security offices, Medicare 
offices and national parks, would force him to sign their budget, a 
right wing vision of how America should be run. To his credit, the 
President did not succumb to this pressure.
  Now, once again, the Republicans want to take this country down the 
road of irresponsibility; this time with very dangerous consequences. 
Republicans want to throw our country into default be refusing to 
extend America's borrowing authority. This would jeopardize our 
Nation's credit rating--currently the highest in the world. Not only 
would this throw the world's financial markets into a tailspin, and 
would cause the value of the dollar to plummet worldwide, it would have 
a devastating impact on hard-working American families who are 
struggling to pay their own bills and obligations.
  The reason we must raise our debt limit is because America must issue 
bonds and borrow money to meet its current obligations, even as we 
gradually eliminate all borrowing to balance the Federal budget. Those 
obligations include $30 billion in Social Security checks, which would 
not be issued if the Government goes into default next month. It would 
also mean that no tax refunds would be paid to Americans who are owed 
these funds. And it would prevent America from making payments on its 
other financial obligations, which would mean that America's financial 
credibility--unquestioned throughout our history--would be destroyed.
  The result? Interest rates would go up on credit cards, home 
mortgages, and loans. Average Americans would pay a heavy price for the 
Republicans' childlike behavior for decades. Moody's Investors Service 
announced recently that for the first time in history it was 
considering lowering the credit rating for certain U.S. Treasury bonds.
  The reason? Because Newt Gingrich and his extremist allies 
would rather promulgate their right-wing agenda than compromise. The 
Republicans understand the need to raise the debt limit. In their Seven 
Year Balanced Budget Reconciliation Act, even after cutting Medicare 
and Medicaid, they, themselves, call for the raising of the debt limit 
by $5.5 trillion.

  America paid its bills during the Reagan-Bush years. When a 
Republican President controlled the White House and Democrats 
controlled one or both Houses of Congress, and we borrowed to pay for 
annual deficits, the debt limit was raised 27 times. Our predecessors 
understood the importance of keeping our financial obligations. Now, 
the Republican-run Congress is willing to throw that away and risk 
financial catastrophe in order to score political points.
  The Republicans have said they will use any means at their disposal 
to force the President to accept their program.
  America must not default on its debt. We are the preeminent financial 
power in the world because we keep our word. If we allow that faith to 
be damaged, our economy will be hurt in ways that will hit every family 
in the pocketbook.
  Congress should not go into recess, as the Republicans propose to do, 
until we vote to raise the debt limit. The situation will become 
critical by the end of February unless we do so.
  On January 22, the Treasury Secretary notified the Congressional 
leadership by letter, that unless the debt ceiling is increased, he 
would have to take additional steps to prevent default in mid-February, 
and that even those steps would provide funds only until March 1. 
Congress should take action this week to enact a clean debt limit 
increase.
  It is time to raise the debt limit with no gimmicks, conditions, 
threats or delays. The American people deserve congressional action, 
not watching a parade of politicians go to recess.

[[Page E160]]


       TRIBUTE TO THE PARKWAY CENTRAL HIGH SCHOOL SYMPHONIC BAND

                                 ______


                          HON. JAMES M. TALENT

                              of missouri

                    in the house of representatives

                       Thursday, February 1, 1996

  Mr. TALENT. Mr. Speaker, I rise today to pay tribute to the Parkway 
Central High School Symphonic Band from Chesterfield, MO. The Marching 
Colts proudly represented the St. Louis area by participating in the 
1996 Tournament of Roses Parade.
  Parkway Central is located in the Parkway School District, which has 
long been committed to providing their students excellent facilities 
and instructors for its music programs. Under the skilled guidance of 
their director, Mr. Doug Hoover, the Parkway Central band has a history 
of national performances; including performances at the 1989 George 
Bush Presidential Inaugural Parade, and the 1991 and 1993 King Orange 
Parades in Miami.
  The Marching Colts have benefitted from outstanding community support 
from Chesterfield and the entire St. Louis community. The band has 
successfully used various fundraising efforts, including their annual 
fall craft show known as the Craft Harvest, to raise thousands of 
dollars. This event boasts over 200 vendors and several thousand 
patrons. These efforts stand as a testament to the dedication of the 
parents, faculty, and local community who have rallied around the 
efforts of these young people.
  Mr. Speaker, the Parkway Central band is to be commended for its 
continued hard work and dedication to excellence, which has brought not 
only their school nationwide recognition, but is also a great source of 
pride to the residents of St. Louis County. It is with great pride that 
I congratulate these fine educators and students and recognize the 
contributions they have made while at Parkway Central High School.

                          ____________________