[Congressional Record Volume 157, Number 116 (Friday, July 29, 2011)]
[House]
[Page H5767]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      AMERICAN ECONOMY IS NOT SAFE

  (Mr. McDERMOTT asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. McDERMOTT. Mr. Speaker, the House has acted. No time for 
celebration--it's not over yet. Until it passes both houses, the 
American economy is not safe.
  Standard & Poor's and Moody's announced to the University of 
Washington and to Seattle and to King County that if there is a default 
on Tuesday, these institutions in my State go on the credit watch list 
for downgrade because they received money from the United States 
Government, and there is no certainty that the United States Government 
is going to pay its debts. This is a question about whether the United 
States is going to be viewed in the world as being responsible and 
paying their debts.
  It's not about the future; it's about what we have already 
contracted, and this House, led by the Republicans, has put every 
State, every county, every city, every university that writes bonds for 
their financing at risk.
  It's going to cause people to pay more in the State of Washington and 
in every other State because of this foolishness. We need a clean 
lifting of the debt limit.

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