[Congressional Record Volume 157, Number 79 (Friday, June 3, 2011)]
[Extensions of Remarks]
[Page E1049]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             INCREASING STATUTORY LIMIT ON THE PUBLIC DEBT

                                 ______
                                 

                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                         Tuesday, May 31, 2011

  Mr. HOLT. Mr. Speaker, earlier this week I voted against allowing the 
United States to default on its debt.
  Although the preamble of the bill took a gratuitous poke at the 
President by stating erroneously that it is the President's budget for 
Fiscal Year 2012 that makes it necessary to increase the debt ceiling, 
this statement was insignificant in relation to the effective part of 
the bill.
  For more than two centuries, the United States has been a trustworthy 
creditor. In previous years, members of both parties have set aside 
their policy disagreements to ensure the United States fulfills its 
obligations to creditors and maintains its credit rating.
  Unfortunately, the Republicans didn't want Tuesday's vote on the debt 
ceiling to be about maintaining our creditworthiness. Instead, it was 
the latest in a series of reckless political games being played by my 
colleagues who brought this bill to the floor to have it fail. Even the 
author of this bill voted against it.
  We saw this brand of economic brinkmanship just last month, when 
Congressional Republicans brought the federal government to within 
minutes of a shutdown. While these actions may please some narrow 
ideological constituency, they endanger needlessly the financial 
security of the United States and the economic security of the American 
people.
  Whether one blames the debt on unpaid bills of the Reagan defense 
buildup, food stamps and other social programs, the Bush tax cuts and 
two wars not paid for, or any other action of government over the past 
decade or past century, this was not the place for that argument.
  Whether you think taxes are too low or spending is too high, this was 
not the occasion to try to impose one's own idea of a correction.
  This was not the occasion to reshape our economy or score ideological 
points. If House Republicans were serious about improving the nation's 
fiscal outlook, then they would have voted in favor of this measure so 
we could move on to legislation that will help Americans get back to 
work.
  I acted responsibly so the United States can continue to fulfill its 
financial obligations by voting in favor of this clean debt ceiling 
bill.

                          ____________________