[Congressional Record Volume 142, Number 125 (Thursday, September 12, 1996)]
[House]
[Page H10330]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 GAO REPORT ON THE DEBT CEILING CRISIS

  (Mrs. KENNELLY asked and was given permission to address theHouse for 
1 minute and to revise and extend her remarks.)
  Mrs. KENNELLY. Mr. Speaker, the General Accounting Office recently 
released its report, demanded by the Republican majority, of the 
conduct of the Treasury Department and Secretary of the Treasury Robert 
Rubin during the debt ceiling crisis.
  The GAO reports that the Treasury Department and Treasury Secretary 
Rubin conducted the Nation's debt management legally and properly 
during the debt ceiling crisis, avoiding default on our Nation's debt 
and a violation of the statutory debt limit.
  In the wake of the GAO's finding that Secretary Rubin acted in 
accordance with statutory authority provided by the Congress, those 
Members of the majority that sought Mr. Rubin's impeachment or 
resignation owe him an apology.
  The Republicans were wrong when they opposed the Clinton budget of 
1993, which cut in half the debt. The Republicans were wrong when they 
sought the resignation of Secretary Rubin for keeping the Government 
solvent, and they are wrong now to go back to voodoo economics that is 
going to ballon the deficit. Let us not do that again, Mr. Speaker.

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