[Congressional Record Volume 160, Number 25 (Tuesday, February 11, 2014)]
[House]
[Pages H1752-H1758]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
{time} 1615
PATRICIA CLARK BOSTON AIR ROUTE TRAFFIC CONTROL CENTER
Mr. CAMP. Mr. Speaker, pursuant to House Resolution 478, I call up
the bill (S. 540) to designate the Air Route Traffic Control Center
located in Nashua, New Hampshire, as the ``Patricia Clark Boston Air
Route Traffic Control Center,'' and ask for its immediate
consideration.
The Clerk read the title of the bill.
The SPEAKER pro tempore. Pursuant to House Resolution 478, an
amendment in the nature of a substitute consisting of the text of
sections 1 through 3 of Rules Committee Print 113-37 is adopted, and
the bill, as amended, is considered read.
The text of the bill, as amended, is as follows:
S. 540
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Temporary Debt Limit
Extension Act''.
SEC. 2. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
(a) In General.--Section 3101(b) of title 31, United States
Code, shall not apply for the period beginning on the date of
the enactment of this Act and ending on March 15, 2015.
(b) Special Rule Relating to Obligations Issued During
Extension Period.--Effective March 16, 2015, the limitation
in effect under section 3101(b) of title 31, United States
Code, shall be increased to the extent that--
(1) the face amount of obligations issued under chapter 31
of such title and the face amount of obligations whose
principal and interest are guaranteed by the United States
Government (except guaranteed obligations held by the
Secretary of the Treasury) outstanding on March 16, 2015,
exceeds
(2) the face amount of such obligations outstanding on the
date of the enactment of this Act.
SEC. 3. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL
DEBT.
(a) Extension Limited to Necessary Obligations.--An
obligation shall not be taken into account under section
2(b)(1) unless the issuance of such obligation was necessary
to fund a commitment incurred pursuant to law by the Federal
Government that required payment before March 16, 2015.
(b) Prohibition on Creation of Cash Reserve During
Extension Period.--The Secretary of the Treasury shall not
issue obligations during the period specified in section 2(a)
for the purpose of increasing the cash balance above normal
operating balances in anticipation of the expiration of such
period.
The SPEAKER pro tempore. The gentleman from Michigan (Mr. Camp) and
the gentleman from New York (Mr. Crowley) each will control 30 minutes.
The Chair recognizes the gentleman from Michigan (Mr. Camp).
General Leave
Mr. CAMP. Mr. Speaker, I ask unanimous consent that all Members have
5 legislative days in which to revise and extend their remarks and to
include extraneous material on S. 540.
[[Page H1753]]
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Michigan?
There was no objection.
Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
The last time I stood on the floor to talk about a ``clean'' debt
limit increase, I did so to prove that we could do better. It was an
effort to implore my Democrat colleagues in the House and the Senate to
heed the warnings of the President's own fiscal commission, also known
as the Simpson-Bowles Commission, which clearly noted how our economy
and hardworking taxpayers would suffer under the mountain of debt
Washington was racking up.
My position is unchanged. I remain as committed as ever to grappling
with our debt; to making the tough decisions to reform, improve,
strengthen, and protect our entitlement programs; and, most
importantly, to getting this economy back on track so hardworking
taxpayers start seeing their pay go up and those in need of a job can
find one. In fact, that work is underway at the Ways and Means
Committee where we posted for public comment bipartisan proposals to
reform Medicare and Social Security so that they are viable for seniors
and taxpayers, not only today but well into the future.
Regrettably, over the last 3 years, Democrats have hardened their
position. The President, Senate Democrats, and House Democrats will not
even entertain a discussion--let alone a negotiation--over what reforms
we can make along with a debt limit increase. They have become
unyielding. Democrats are totally adamant: extend the debt limit or
default. That is the position of today's Democrat Party: don't
negotiate, don't reach out across the aisle, ignore the past, which
clearly shows the debt limit typically passes with other reforms.
Mr. Speaker, I remember serving when Bill Clinton was President.
Those were different times. Despite our different opinions, we were
able to find common solutions for the American people. We balanced the
budget, reformed our Nation's welfare laws, and helped break the cycle
of dependency by placing an emphasis on work. Today, Democrats openly
cheer that their health care law will lead to less work.
Well, Mr. Speaker, I am disappointed the Democrats have walked away
from the table, and I am disappointed we are not engaged in a more
serious debate today. But as disappointed as I am, I cannot, in good
conscience, let the Democrats' refusal to engage lead to a default. For
that reason, and that reason alone, I will vote ``yes'' today.
But today's legislation is hardly a solution to our looming debt
crisis. That is why the Ways and Means Committee will continue to
carefully review and advance policies that not only reform our
entitlement programs, providing greater protection for seniors and
greater savings for hardworking taxpayers, but also policies that will
create a stronger economy with more jobs and higher wages for workers.
It is only through a combination of such policies that we can truly
solve this problem.
I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I yield myself as much time as I may
consume.
I thank the gentleman from Michigan, the chairman of the Ways and
Means Committee, for his responsible commitment to vote for this bill
today. I wish I could say that a majority of his party was going to be
responsible and vote for this bill today, but I cannot.
First, I am pleased that the Republican Party seems to be shedding at
least part of its extremist Tea Party ideology in the prevailing belief
of holding the Nation hostage to meet the whims of a select few.
Now, I would just like to take a moment to explain what the House is
and is not voting on today. We are voting today to ensure that our
country can pay the bills we have already incurred--not new bills, old
bills, so that Social Security checks can continue to be mailed, so
that doctors serving Medicare patients will be reimbursed for their
services, so that veterans' pensions and compensation will be paid out,
and so income tax refund checks will continue to be processed and paid
out.
What we are not voting for--what we are not voting for--we are not
voting for a bill to spend money. Our Republican colleagues will argue
that this bill allows the Federal Government to continue to borrow and,
therefore, spend more money. They say tax revenues come in and even
more goes out in spending for government services and programs,
services and programs that we all agree benefit our mutual
constituents.
So what is the alternative the Republicans would offer instead? My
Republican colleagues would offer default, because not supporting this
bill would mean you support default and defaulting on our Nation's
debt. Default would mean taxpayer dollars would still come into the
government. We would still collect. The IRS would still collect taxes,
but no money would go out. There would be no services or programs that
benefit our constituents; they would be shut down.
Do you all remember how angry the country was during the Republican
shutdown of our government when military death benefits were not paid?
That would only be magnified under a default led by the Republican side
of the aisle. Not only would there be no death benefits, there would be
no veterans' benefits at all, and no money for VA hospitals, doctors,
and nurses. And a default wouldn't just affect our military and our
veterans. There would be no funds for food inspectors, no Pell grants,
no air traffic controllers or any other government service because of
the default.
Let's be clear. If you liked the Republican-engineered shutdown of
our government, you will love the default the Republicans who would
vote ``no'' today would perpetuate on the American public.
This is a debt that the Republican caucus helped create. You own a
portion of this debt. The American people are watching this vote. They
are confounded, once again, that the majority of the majority will vote
to default. The overwhelming majority of the minority will vote not to
default. I ask the American people, which party is the responsible
party? The answer is clear. The Democratic Party will be responsible
today. We will vote overwhelmingly for this bill not to default on our
Nation's debt, not to raise interest rates on our constituents, and not
to raise the cost of money for the government to borrow, either.
I yield as much time as the gentleman from Massachusetts (Mr. Neal)
may consume.
Mr. NEAL. Mr. Speaker, let me thank Mr. Crowley for recognizing me,
and I want to pursue the themes that he has offered a moment ago.
I listened to the gentleman from Georgia earlier speaking of debt in
the years out. That has nothing to do with the argument that is being
applied on this floor. This is about the basic arithmetic of the credit
card that arrives at a family's doorstep for a variety of costs. This
is about paying for the war in Iraq, which I was opposed to but I
believe we still have an obligation to pay for, including the 1 million
new veterans that were created that are currently straining our VA
system.
In addition, this is a vote about paying for the tax cuts in 2001 and
2003 that continued right through 2010 based upon the mistaken notion,
the theology that was applied, suggesting that, in fact, tax cuts pay
for themselves.
This is about a turnaround of a projected surplus of $5 trillion that
instead became ongoing deficits and debt noted for the ill-conceived
policies that many of our friends on the other side embraced under the
hubris of suggesting that you can have it all.
When else in American history, when else have we embraced the idea
enunciated not long ago by the former majority leader of the Republican
Party who suggested that it was patriotic in a time of war to cut
taxes? Lincoln and Roosevelt certainly didn't embrace that position.
You can't have it all.
What was desirable by the Republican Party during those years was
essentially this: they were going to score political points on the
issue of the debt ceiling. They were going to hold the debt ceiling
hostage for isolated issues that placated a minority of the majority.
Now, I know most of the Republicans that have come to the floor
today, and I want to tell you, my knowledge of
[[Page H1754]]
them is they are very responsible when it comes to budgeteering, but
they are caught by a minority of their majority who now dictate the
outcome of where many of those positions go. So the result of the last
standoff we had over the debt ceiling was that our debt was downgraded.
America's credit rating in the world was downgraded. Look at the
strength of the American dollar today. Why is it in that position? I
have never been anywhere where the world doesn't say, We honor the
American dollar.
The point that I offered a moment ago is the following: they were
prepared to default on that debt for the purpose, again, of isolated,
strident political views that are outside of the mainstream. Job
creation? It was held hostage. Fewer jobs were created than at any time
since the Great Depression. That is not an opinion; that is a fact.
Now, this behavior was unacceptable, and the American people said so.
You pay for what you spend. Raising the debt ceiling ensures that we
will not be a deadbeat nation in the eyes of the world nor in the eyes
of our own citizenry.
Not long ago, we passed an omnibus spending bill.
Incidentally, because of the breakdown in the regular order here, the
idea that we used to spend according to the 12 to 13 appropriations
bills that guided us every year, it was known as the regular order
where Members had a chance to amend spending bills in committee and
then on the floor, I must tell you that is a quaint reservoir of
thought these days. Now we wrap it all up, and the same people that
could say, Well, I am going to pass the omnibus spending bill to take
care of favored spending, and then say, Well, I am not going to vote to
raise the debt ceiling, the argument is anachronistic.
So I support this measure having voted against the Bush tax cuts,
having voted against the war in Iraq, and having voted against most of
the policies that got us into this. But this is about the full faith
and credit of the United States, and it should be embraced by this
entire body.
Mr. CROWLEY. I am pleased to yield 1 minute to the gentlelady from
California, Nancy Pelosi, the leader of the Democratic Caucus in the
House.
Ms. PELOSI. Mr. Speaker, I thank the gentleman for yielding. I thank
him for his leadership on this important issue to him. To Mr. Levin and
members of the Ways and Means Committee, thank you for making clear
what the stakes are in this vote on the floor today.
Mr. Speaker, the 14th Amendment of our Constitution declares:
The validity of the public debt of the United States, authorized by
law, shall not be questioned.
That has always been the standard upheld and advocated by House
Democrats.
In each of my conversations with Speaker Boehner, I have conveyed the
unwavering support of the House Democratic Caucus for a clean bill to
lift the debt ceiling. That means no goodies for one side or the other.
There is nothing you could add to it that would say, Okay, since it is
something I like, then I don't mind if it isn't clean. I said to the
Speaker, Even if you added something that I cared about a great deal,
that our Caucus cared about a great deal, that does not make it right
because the full faith and credit should be unquestioned, and it is not
negotiable.
I thank the Speaker for giving us this opportunity. This is really
important to bring legislation to the floor that is consistent with the
intent of the Constitution and with the best interests of the American
people. Well, I tell you this, we have heard from all kinds of leaders
of finance, from the boardroom to the kitchen table. The boardroom
tells us, the conference table then writes to us and says, We urge you
to again take the necessary steps to preserve our Nation's financial
standing in the world and help ensure that the American recovery
continues in its current path toward restored prosperity by the
uncertainty as to whether or not we will incur an historic default in
raising the debt ceiling.
{time} 1630
I wish to submit the full letter to the Record with the signatories
who represent the captains of industry and finance in our country.
More important than that, as important as that is, our global
standing in the world, more important to each and every person in our
country is what Mr. Neal spelled out: what this means to you. If you
are a consumer with a credit card, if we did not take this action
today, interest rates could skyrocket, making it harder for families to
get loans, and for small businesses to invest, spend and hire. Again,
on your kitchen table as you pay the bills each month, you would have
higher interest rates for your mortgage, your car payments, your
student loans, and your credit card bills. Higher interest rates once
again on small business loans that are used to pay employees or expand
business. Significant blows would come to 401(k)s as a result of the
stock market reaction to our not lifting the debt ceiling. Credit
markets could freeze. The value of the dollar would be negatively
impacted.
So there is a great deal at stake in this vote today. Again, at the
time when we have to lift the debt ceiling, it is appropriate to have a
discussion of spending priorities, of budgets that should be a
statement of our values; but there should be no question that those
debates would be something that would not just be a debate, but be a
barrier to lifting the debt ceiling. That is why I am grateful to the
Speaker and the Republican leadership for giving this House this
opportunity to act in a way that is consistent with the Constitution.
When this measure passes today, Congress will state unequivocally
that the full faith and credit of the United States of America is not
in doubt. I thank my Democratic colleagues for never wavering from this
position and standing firm on behalf of all Americans. I thank once
again the Speaker for giving us this opportunity to associate ourselves
and support the Constitution and the American people.
January 30, 2014.
Dear Members of Congress, The undersigned associations
representing a broad swath of the nation's business community
and sectors serving tens of millions customers, businesses
and investors, respectfully urge you to raise the federal
debt limit without delay.
While we firmly believe that the time is long overdue for
the Administration and the Congress to come together and
develop long-term solutions to our very real fiscal
challenges, defaulting on the nation's debt obligations
should not be an option for policymakers to consider. Should
the President and Congress fail to work together and raise
the debt limit in a timely fashion, the Treasury will be
unable to meet government obligations coming due which would
trigger a series of events that would inevitably lead to
American taxpayers paying more to finance our debt. Even a
short-term failure to fulfill our obligations would seriously
impair market operations and could have significant
consequences to our fragile economic recovery. When Congress
last debated this matter in the fall of 2013, markets clearly
signaled the potential negative affects through increased
interest rates and weakened investor demand for U.S. assets.
We urge you to again take the necessary steps to preserve
our nation's financial standing in the world and help ensure
that the American economy continues on its current path
toward restored prosperity by eliminating the uncertainty as
to whether or not we will incur an historic default and
raising the debt ceiling.
Thank you for considering our urgent request. We look
forward to working with you to advance this and other
critical legislation.
Signed,
American Bankers Association, American Insurance
Association, U S Chamber of Commerce, Consumer Bankers
Association, Financial Services Forum, Financial Services
Roundtable, Independent Community Bankers of America,
Investment Company Institute, Securities Industry and
Financial Markets Association.
Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
The Budget Control Act was signed into law on August 2. On August 5,
Standard & Poor's downgraded the United States credit rating and did so
because:
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the President recently
agreed to falls short of what, in our view, would be
necessary to stabilize the government's medium-term debt
dynamics.
There have been some speakers who have come to this floor who said we
were downgraded because of brinksmanship. We were downgraded because
there were those of us who wanted to see some approach to fiscal
responsibility in our debt limit negotiations.
Clearly, that is revisionist history, and the facts bear out.
Standard &
[[Page H1755]]
Poor's own quote was it was because we didn't go far enough, not
because we tried to address our medium term and long-term debt.
So this reinforces my point. We can't be satisfied with just
increasing the debt limit. I realize that is where we are today, and as
I have said, I will vote for this legislation, but as another speaker
has said, they have viewed this as nonnegotiable, and what we really
need to do is reach across the aisle and work together to find long-
term solutions to both our medium term and long-term debt obligations
so that these programs, like Medicare and Social Security, these
valuable programs that serve many of our citizens, are not only viable
and there today, but there well into the future.
I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I would inquire as to the time remaining on
both sides.
The SPEAKER pro tempore. The gentleman from New York has 21 minutes
remaining. The gentleman from Michigan has 25\1/2\ minutes remaining.
Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentleman from
Michigan (Mr. Levin), the ranking member of the Ways and Means
Committee.
(Mr. LEVIN asked and was given permission to revise and extend his
remarks.)
Mr. LEVIN. Mr. Speaker, we have been adamant about a clear, clean
debt ceiling vote, and now it is happening. It should have happened the
last time, and because of the Republican position, a high price was
paid--jobs were lost, 120,000; the stock market plunged nearly 20
percent; and economic growth was slowed significantly. So this time
around, we are going to do the right thing.
The gentleman from Michigan, my colleague, the chairman of the
committee talked about working together, and I want to close by
suggesting now with this vote in terms of the debt ceiling, we have
cleared the deck. Let us now take up the other issues of major
importance to the people of this country, and one of them is
unemployment insurance.
As we stand here today, isolated maybe by the walls around this
Chamber, but I hope not, 1.7 million people have lost every dime of
their unemployment insurance, the long-term unemployed. All right, we
are clearing the decks. Now let's pay attention to the business of the
American people in addition to full faith and credit. We should not be
leaving here with 1.7 million Americans out in the cold because too
many people in this institution haven't been willing to listen to their
stories. Listen and act.
Mr. CAMP. Mr. Speaker, I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I yield 3 minutes to the gentleman from
Maryland (Mr. Hoyer), the minority whip.
Mr. HOYER. Mr. Speaker, I thank the gentleman from New York and I
thank the gentleman from Michigan.
Let me start by saying this issue ought not to be subject to debate.
America, the greatest land on the face of the Earth, and one of the
most successful economic countries in history, ought to pay its bills.
I can't believe there is any American who thinks that America should or
would welch on that which it owes. That is not a very sophisticated
argument. I can make a more sophisticated argument, but when it comes
down to it, that is the issue: will America pay its bills? Will it give
confidence to the investor community? Will it give confidence to the
business community? Will it give confidence to our own citizens?
Indeed, will we give confidence to the world that the world's leader
can manage its own affairs responsibly?
I want to join Leader Pelosi in congratulating the Speaker for
bringing this bill to the floor. He brings it to the floor because he
knows, as I have just said, there is no alternative for America but to
pay its bills. He brings it to the floor because he knows that if he
doesn't, the business community is going to think that the majority
party in this House cannot manage the affairs of the United States of
America in a responsible fashion. Lamentably, he brings it to the
floor, apparently, with some doubts as to whether or not those who have
elected him Speaker will follow him in taking a responsible path.
My presumption is, although I don't know, is that the gentleman who
chairs the Ways and Means Committee will vote for this. My presumption
is Mr. Cantor, the majority leader, will vote for this. My presumption
is that Speaker Boehner will vote for this. My presumption is based
upon the fact that they have represented that there is not an
alternative that is a responsible one.
I doubt that there are many people on this floor who have urged us to
pursue a big deal more than I have. I voted against the last budget
agreement, otherwise known as Ryan-Murray, because I thought it was too
small and did not move us toward fiscal responsibility and
sustainability in the magnitude that it should have.
Having said that, however, there is no alternative to pay the bills
that we have incurred, that the House, the Senate, and the President on
behalf of the American people have incurred, and because we are a great
Nation, we will certainly not welch on our debts.
The SPEAKER pro tempore. The time of the gentleman has expired.
Mr. CROWLEY. I yield an additional 3 minutes to the gentleman.
Mr. HOYER. So we come to this time with not many people on the floor,
although we have demagogued this issue in the past. We, both sides.
Let's be clear. On our side, we said that the Republicans cut revenues;
therefore, they were responsible for the debt. On their side, they say
Democrats spent money and invested money; and, therefore, they are
responsible for the debt.
The fact of the matter is we were all responsible for the debt. The
fact of the matter is under the Reagan administration, when I came to
Congress, we substantially increased the national debt, and we could
only do so with Ronald Reagan's signature. Then under George Bush the
first, we substantially increased the debt. We could only do so with
George Bush's signature. Under Bill Clinton, we brought the debt down
for 4 years running, and we ran surpluses for the next 4. Of course,
Republicans were in the House and in charge for 6 years. So it was a
team effort, if you will, and we had a budget surplus.
Then in the second Bush administration, we substantially increased
the budget deficit. We had two wars, and we paid for none; trillion
dollar-plus in additional deficit, many trillions over time.
So, my friends, we come to the floor today to do the only responsible
alternative available to us, but that does not mean that anybody who
votes for this believes that it is not critically important for us to
have America on a fiscally sustainable path.
The Business Roundtable has urged us to pass this bill. As Leader
Pelosi quoted, the Chamber of Commerce said not to do so will put our
country and our economy at risk. Yet, I fear there are going to be
apparently a significant number of people who will come and vote
``no,'' vote ``no'' on paying America's bills; vote ``no'' on giving
confidence to the international community that America is in fact able
to manage its affairs.
There ought to be no debate, as I said, when it comes to making sure
that we pay our bills on time, the bills Congress has incurred. As I
said, the Business Roundtable was quoted as saying:
Urgent action is required on the part of Congress in order
to prevent a default.
In fact, they said if we defaulted, every American, all 315-plus
million, would feel the negative effects. Why would anybody vote
against such a bill?
The SPEAKER pro tempore. The time of the gentleman has expired.
Mr. CROWLEY. I yield an additional 30 seconds to the gentleman.
Mr. HOYER. I will conclude because my friend is running out of time.
This is not a partisan vote and should not be viewed as such.
Republicans and Democrats have voted to protect the American people,
provide for the national defense, and provide for the general welfare
of our country pursuant to our constitutional responsibilities. Having
done so, there is no responsible alternative but to pay our bills. That
is what this vote is about. Let's show the courage, the wisdom, the
common sense to do just that. Vote ``yes.''
{time} 1645
Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
I point out to my friends on the other side that, in recent memory,
there have been seven instances where debt limits were part of other
major pieces
[[Page H1756]]
of legislation. For example, in the first Bush administration, there
was a Balanced Budget and Emergency Deficit Act; in the Clinton
administration, there was the Reconciliations Act, as well as the
Contract with America Advancement Act; in the Obama administration,
there was stimulus, Pay-As-You-Go, Budget Control Act. This has
happened seven times in recent history.
What is different? Why can't it happen now? Well, the difference is
that you had both parties willing to come together and negotiate major
pieces of legislation that would help to address the short-term,
medium-term, and long-term drivers of our debt. What we have now is a
very open admission that it is absolutely nonnegotiable. There is a
straight increase in the debt limit without any legislation, even
though this happened seven times in the past.
So I would just say that debt limit increases are often parts of
larger pieces of legislation and it would not be unusual. And it is, I
think, a sad day when the other side has a take-it-or-leave-it approach
and is unwilling to come together with the Republicans to find a way to
bring other legislation to the floor that will help address the drivers
of our debt.
I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentlewoman from
California (Ms. Waters), ranking member of the Financial Services
Committee
Ms. WATERS. Mr. Speaker, once again, it is the House Democrats who
are required to take the important action to protect our Nation's well-
being. Today, most House Republicans will once again refuse to stand
behind the full faith and credit of the United States, threatening an
economic catastrophe for all Americans.
When Republicans pushed our Nation to the brink of default last year,
refusing to increase the debt limit, businesses, large and small, began
to cut back by slowing spending and hiring. Consumer confidence fell
faster than at any other time since the financial crisis in 2008.
Potential home buyers didn't buy homes. But despite these warnings,
House Republicans still want to push us to default, and the
consequences would be disastrous.
The value of our 401(k)s and IRAs would plummet, significantly
hurting those saving for retirement. For consumers, a default would
make credit cards, mortgages, and student and automobile loans all more
expensive. Default would lead to a U.S. credit rating downgrade, making
it harder for new businesses to hire new employees and our cities and
States to finance schools, hospitals, roads, and bridges.
Mr. Speaker, the American people cannot afford another round of
Republican recklessness. Everyone from Wall Street CEOs to conservative
economists agree: we need to honor our debts.
I and my Democratic colleagues will once again do what is necessary.
I urge the Republicans to put Americans before ideology and support
this legislation to raise the debt ceiling.
Mr. CAMP. I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentleman from
California (Mr. Honda).
Mr. HONDA. Mr. Speaker, today the U.S. Congress is doing its job 5
days after forcing the Treasury to resort to extraordinary measures to
finance our government and 3 legislative days before an unprecedented
default.
This marks the fourth time in the last 3 years that we have been
pushed right to the brink of default. Everyone outside of this Chamber
knows we would have and should have lifted the debt ceiling long before
we arrived at this point.
I am glad to see that once again we have been able to do our most
basic job, but we need to stop playing these political games with our
economy, our stability, and our reputation. We should not be forced to
wonder, year after year, if we are going to be able to decide to meet
our obligations. We should guarantee that the only time we debate
spending is during spending debates.
I would ask my colleagues to help me reform this process and install
a permanent fix that would end their brinksmanship surrounding the debt
limit. That is why I have introduced two bills that allow the debt
limit to be raised unless a supermajority of Congress votes to block
them. This would permanently shift the rule of Congress to disapproving
debt ceiling increases instead of being forced to approve them.
My approach has been introduced in the other Chamber by Senators
Schumer, Boxer, and Hirono. It has been endorsed by a growing chorus of
economists and outside thought leaders.
Today, I urge my colleagues to vote ``yes'' to lift the debt limit
with me today. I also ask my colleagues to join me in pursuing
permanent, necessary reforms for tomorrow so we can eliminate the
futile hostage-taking.
Mr. CAMP. I reserve the balance of my time.
Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentlewoman from
Texas (Ms. Jackson Lee).
Ms. JACKSON LEE. Mr. Speaker, as I have listened to debate on the
floor of the House, I have seen that Members are coming from all
regions of the United States, which means that, in fact, this will be
impacting all of our constituents. So I would hope Republicans would
join the Democrats who will vote by and large, almost near 100 percent,
to do what the Federal Reserve former Chairman Ben Bernanke said is to
avoid a government shutdown. And perhaps even more so, a failure to
raise the debt limit could have very serious consequences for the
financial market and for the economy.
More importantly, it will cost student loans much more to our young
aspirants who are attempting to develop an expertise to contribute to
this society. A longer default could increase payments by $2,000 of
531,327 Texas students who rely on loans to go to college. Mr. Speaker,
I don't want to do that.
Higher interest rates for mortgages and auto loans and student loans
and credit cards--Mr. Speaker, I don't want to do that.
Families' retirement savings and 401(k)s dropping as the stock market
plummets, reminding us of about 4 years ago when we had one of the
worst plummets that we have ever experienced during the last
administration.
3.4 million veterans not receiving their disability--I know we do not
want to do that.
Ten million Americans not receiving their Social Security check on
time in just the first week--we cannot do that.
Drug reimbursements under Medicare stopping and doctors and hospitals
not getting paid--I know the Members of Congress will not and do not
want to do that.
So, a clean debt ceiling is the only direction, but we have some
other options. We can do this in a bipartisan manner. We can have the
Democrats standing tall as they have advocated for a clean debt
ceiling, but we can join with our partners and we can acknowledge the
fact that the government is not broke. We can invest in infrastructure.
As my colleague, Congressman Levin, has said, we can ensure that we
extend the unemployment insurance and provide for education and provide
for research and development. We can build this country. It is time now
to vote for a clean debt ceiling and do it together so that we can
invest in America.
Mr. CAMP. Mr. Speaker, I reserve the balance of my time.
Mr. CROWLEY. Does the gentleman from Michigan have any additional
speakers?
Mr. CAMP. I have no further speakers. I am prepared to close.
Mr. CROWLEY. Mr. Speaker, I am prepared to close as well, and I yield
myself such time as I may consume.
In closing, I appreciate all of my colleagues coming down to the
floor this afternoon to speak in favor of this proposed bill.
I do think it is noteworthy to point out that only the gentleman from
Michigan has come down to speak on behalf of the majority today and
ably, I should say, he is voting for this bill, and I appreciate his
support. But I notice that no one took time in opposition on the other
side of the aisle. Maybe they just don't really care as much about this
issue as we thought they did.
But the reality is, as I have said before, every vote against this
bill is a vote for default. The Republican colleagues have an answer
for that. They have a plan. They intend to default some day so they
have a plan. They
[[Page H1757]]
have a bill they call the Full Faith and Credit Act. We call it the
``Pay China First Act'' because what it does is it says, in the event
of a default, we will pay those people who own our bonds, we will pay
foreign governments first, and everyone else gets put down to the
bottom of the barrel. But they have a plan; the Republicans have a plan
in the case that we default.
Let me say, Mr. Speaker, I think it is totally irresponsible to even
have had a debate on this floor on a bill that would determine the
payments of our debt in lieu of default. I think it is irresponsible.
The fact that we have had this man-made brinkmanship is irresponsible.
Once again, the Republican Party and their caucus is showing that they
are not responsible enough to be ruling and to be governing here in the
House of Representatives.
Mr. Speaker, with that, I yield back the balance of my time.
Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
We have heard a lot of talk about how our Nation must pay its bills.
But one major reason we are in this position is an unpaid for trillion-
dollar stimulus bill that did not increase economic growth, did not
create jobs, and simply added to our debt.
I know there are some on the other side who want to keep on spending
no matter what the impact is on our credit rating. While I believe that
we must increase our debt limit, I am clearly not satisfied that there
are no provisions that would help us address the long-term drivers of
this debt.
But I will say that it is disappointing the Democrats have walked
away from the table. It is disappointing that we are not engaged in a
more serious debate today, a debate about policy and how we reign in
what really has become runaway debt.
But as I have said, as disappointed as I am in that, I cannot in good
conscience let the Democrats' refusal to engage lead to a default. I
will vote ``yes'' on this legislation today. But it is hardly a
solution to our looming debt crisis. That is why the Ways and Means
Committee will continue to move forward on reforming Medicare and
Social Security, as we have, with bipartisan proposals that are in
legislative form, published for the public to view on our Web site.
We will move forward on tax reform, one that will help grow our
economy, create jobs, and help address our debt crisis by a stronger,
more vibrant economy that will provide opportunities for individuals to
get work, increase their wages, and provide for themselves and their
families.
I hope that Democrats will join me in these efforts. I believe it is
only through a combination of those policies can we really get to the
true solutions to this very significant problem facing our country.
While this is a short-term solution to prevent what I think is
essential that we do prevent, a default, it is not enough. As I have
said, there is so much more to do.
With that, I yield back the balance of my time.
Mr. CONNOLLY. Mr. Speaker, the debt ceiling suspension expired last
week, and Secretary Lew says that Treasury will only be able to ensure
that the U.S. meet its commitments through Feb. 27. Sadly, some in the
House Majority still find it difficult to accept that Congress should
actually pay its bills, buying into the myth that not raising the debt
ceiling will somehow slow government spending.
My colleagues fail to acknowledge that the deficit, as CBO recently
reported, fell by more than a third in the first three months of FY14,
and CBO predicts it will continue to shrink and stabilize at around 4%
of GDP. Last week, the Business Roundtable lamented that Congress's
inaction fosters continued uncertainty, increases borrowing costs, and
dampens hiring.
The Speaker told reporters that he does not want to play chicken
again with the full faith and credit of the United States. So let's
have a clean vote on the debt ceiling and put this behind us. It's time
to roll up our sleeves and tackle the real challenges facing our nation
and start putting people back to work.
The SPEAKER pro tempore. All time for debate has expired.
Pursuant to House Resolution 478, the previous question is ordered on
the bill, as amended.
The question is on the engrossment and third reading of the bill.
The bill was ordered to be engrossed and read a third time, and was
read the third time.
The SPEAKER pro tempore. The question is on the passage of the bill.
The question was taken; and the Speaker pro tempore announced that
the ayes appeared to have it.
Mr. PRICE of Georgia. Mr. Speaker, on that I demand the yeas and
nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, this 15-
minute vote on passage of S. 540 will be followed by a 5-minute vote on
the motion to suspend the rules on H.R. 3448.
The vote was taken by electronic device, and there were--yeas 221,
nays 201, not voting 10, as follows:
[Roll No. 61]
YEAS--221
Andrews
Barber
Bass
Beatty
Becerra
Bera (CA)
Bishop (GA)
Bishop (NY)
Blumenauer
Boehner
Bonamici
Brady (PA)
Braley (IA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Calvert
Camp
Cantor
Capps
Capuano
Carney
Carson (IN)
Cartwright
Castor (FL)
Castro (TX)
Chu
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Coble
Cohen
Collins (NY)
Connolly
Conyers
Cooper
Costa
Courtney
Crowley
Cuellar
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
Delaney
DeLauro
DelBene
Dent
Deutch
Dingell
Doggett
Doyle
Duckworth
Edwards
Ellison
Engel
Enyart
Eshoo
Esty
Farr
Fattah
Fitzpatrick
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Garcia
Grayson
Green, Al
Green, Gene
Grijalva
Grimm
Gutierrez
Hahn
Hanabusa
Hanna
Hastings (FL)
Hastings (WA)
Heck (WA)
Higgins
Himes
Hinojosa
Holt
Honda
Horsford
Hoyer
Huffman
Israel
Issa
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
King (NY)
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lee (CA)
Levin
Lipinski
LoBiondo
Loebsack
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maffei
Maloney, Carolyn
Maloney, Sean
Matsui
McCarthy (CA)
McCarthy (NY)
McCollum
McDermott
McGovern
McIntyre
McKeon
McNerney
Meehan
Meeks
Meng
Michaud
Miller, Gary
Miller, George
Moore
Moran
Murphy (FL)
Nadler
Napolitano
Neal
Negrete McLeod
Nolan
Nunes
O'Rourke
Owens
Pallone
Pascrell
Payne
Pelosi
Perlmutter
Peters (CA)
Peters (MI)
Peterson
Pingree (ME)
Pocan
Polis
Price (NC)
Quigley
Rahall
Rangel
Reichert
Richmond
Rogers (KY)
Roskam
Roybal-Allard
Royce
Ruiz
Runyan
Ruppersberger
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schneider
Schrader
Schwartz
Scott (VA)
Serrano
Sewell (AL)
Shea-Porter
Sherman
Shimkus
Sinema
Sires
Slaughter
Smith (NJ)
Smith (WA)
Speier
Swalwell (CA)
Takano
Thompson (CA)
Thompson (MS)
Tierney
Titus
Tonko
Tsongas
Valadao
Van Hollen
Vargas
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters
Waxman
Welch
Wilson (FL)
Wolf
Yarmuth
NAYS--201
Amash
Bachmann
Bachus
Barletta
Barr
Barrow (GA)
Barton
Benishek
Bentivolio
Bilirakis
Bishop (UT)
Black
Blackburn
Boustany
Brady (TX)
Bridenstine
Brooks (AL)
Brooks (IN)
Broun (GA)
Buchanan
Bucshon
Burgess
Byrne
Capito
Carter
Cassidy
Chabot
Chaffetz
Coffman
Cole
Collins (GA)
Conaway
Cook
Cotton
Cramer
Crawford
Crenshaw
Culberson
Daines
Davis, Rodney
Denham
DeSantis
DesJarlais
Diaz-Balart
Duffy
Duncan (SC)
Duncan (TN)
Ellmers
Farenthold
Fincher
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Gardner
Garrett
Gerlach
Gibbs
Gibson
Gingrey (GA)
Gohmert
Goodlatte
Gowdy
Granger
Graves (GA)
Graves (MO)
Griffin (AR)
Griffith (VA)
Guthrie
Hall
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Herrera Beutler
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurt
Jenkins
Johnson (OH)
Johnson, Sam
Jones
Jordan
Joyce
Kelly (PA)
King (IA)
Kingston
Kinzinger (IL)
Kline
Labrador
LaMalfa
Lamborn
Lance
Lankford
Latta
Long
Lucas
Luetkemeyer
Lummis
Marchant
Marino
Massie
Matheson
McAllister
McCaul
McClintock
McHenry
McKinley
McMorris Rodgers
Meadows
Messer
Mica
Miller (FL)
Miller (MI)
Mullin
Mulvaney
Murphy (PA)
Neugebauer
Noem
Nugent
Nunnelee
Olson
Palazzo
Paulsen
Pearce
Perry
Petri
Pittenger
Pitts
Poe (TX)
Pompeo
Posey
Price (GA)
Reed
Renacci
Ribble
Rice (SC)
[[Page H1758]]
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (MI)
Rohrabacher
Rokita
Rooney
Ros-Lehtinen
Ross
Rothfus
Ryan (WI)
Salmon
Sanford
Scalise
Schock
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shuster
Simpson
Smith (MO)
Smith (NE)
Smith (TX)
Southerland
Stewart
Stivers
Stockman
Stutzman
Terry
Thompson (PA)
Thornberry
Tiberi
Tipton
Turner
Upton
Wagner
Walberg
Walden
Walorski
Weber (TX)
Webster (FL)
Wenstrup
Westmoreland
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IN)
NOT VOTING--10
Aderholt
Amodei
Campbell
Cardenas
Gosar
Latham
Lewis
Pastor (AZ)
Rush
Scott, David
{time} 1727
Mr. ROGERS of Alabama changed his vote from ``yea'' to ``nay.''
Mr. PETERSON, Ms. SPEIER, and Mr. McINTYRE changed their vote from
``nay'' to ``yea.''
So the bill, as amended, was passed.
The result of the vote was announced as above recorded.
A motion to reconsider was laid on the table.
____________________