[Congressional Record Volume 142, Number 15 (Monday, February 5, 1996)]
[Extensions of Remarks]
[Page E163]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  A CLEAN DEBT CEILING EXTENSION BILL

                                 ______


                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                       Thursday, February 1, 1996

  Ms. ESHOO. Mr. Speaker, the time has come for this Congress to face 
up to its responsibilities by passing a clean debt ceiling extension 
bill and not allow this great Nation for the first time in 220 years to 
default.
  Just last week Moody's Investors Service announced that it might 
lower the credit rating for U.S. Treasury bonds--the first time in our 
Nation's history. This should not be a source of pride to any Member of 
Congress.
  America cannot afford to have its full faith, its good word and its 
credit sacrificed on the altar of partisan posturing. Imagine Social 
Security checks and veterans' checks not being sent to recipients or 
honored when deposited by individuals who earned these benefits and 
rely on them. The American people cannot afford the higher interest 
rates that would result from default. We rail against ``dead beat'' 
dads * * * no one should be part of a ``dead beat'' Government.
  Mr. Speaker, only you and your colleagues have the power to keep 
America from the disgrace and disaster of default. Let us together pass 
a bill now to avoid default and international discredit.

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