[Congressional Record Volume 161, Number 154 (Wednesday, October 21, 2015)]
[House]
[Pages H7081-H7082]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1830
     ADDRESS THE DEBT LIMIT AND REACH A BIPARTISAN BUDGET AGREEMENT

  (Ms. JACKSON LEE asked and was given permission to address the House 
for 1 minute.)
  Ms. JACKSON LEE. Mr. Speaker, there are just 9 more legislative days 
to act fully to protect the full faith and credit of the United States 
before November 3 in order to prevent the risk of a first ever U.S. 
default.
  We know that a default is not what the American people want. It could 
shatter retirement savings and send interest rates for mortgages, 
student loans, credit cards, and car payments soaring. We know that 
even a threat of default has serious consequences.
  We have experienced a downgrading in our credit before because our 
friends on the other side of the aisle--Republicans--took us to the 
catastrophic brink. And then, of course, we realized that what we did 
today, Pay China First Act, does not help the American people.
  If we continue on this pathway, we will impact 1.4 million Active-
Duty troops by not paying our debt, 4.1 million disabled veterans who 
served their country with honor by not paying our debt, 2.3 million 
veterans who receive home purchasing assistance by not paying our debt, 
American small businesses that sell goods and services to the 
government and most doctors and hospitals that treat the 53.8 million 
Medicare patients around the country by not paying our debt.
  We cannot hold the United States hostage or our credit hostage. It is 
time to address in a fair and reasonable manner the debt of the United 
States, which is the people of the United States. Get rid of sequester, 
follow our responsibilities, and pay our bills so that we can help 
those veterans who need help.
  Mr. Speaker, once again House Republicans are putting the narrow 
partisan interests of their right-wing base ahead of addressing the 
real challenges and problems facing the American people.
  Congress has only 10 legislative days to act to fully protect the 
full faith and credit of the United States before November 3, in order 
to prevent the risk of a first-ever U.S. default.
  A default would shatter retirement savings and send interest rates 
for mortgages, student loans, credit cards and car payments soaring.
  We know that even the threat of default has serious consequences: 
plummeting consumer confidence, and drastic slowdowns in job creation 
and economic growth.
  Instead of taking the threat of catastrophic default off the table, 
this week, Republicans are bringing forward a bill that would give 
priority to bondholders from China and other foreign nations would be 
paid first.
  This bill, more accurately described as the ``Pay China First Act,'' 
puts payments to Americans at risk, including those to: 1. 1.4 million 
active duty troops; 2. 4.1 million disabled veterans who served their 
country with honor; 3. 2.3 million veterans who receive home purchasing 
assistance; 4. American small businesses that sell goods and services 
to the government; 5. Doctors and hospitals that treat the 53.8 million 
Medicare patients around the country.
  The credit rating of the United States is not a hostage to serve 
Republicans' toxic special interest ideology.
  Republicans should bring forward a clean bill to honor the full faith 
and credit of the United States immediately.
  Mr. Speaker, House Republicans have wasted enormous amount of time on 
irresponsible, futile, and reckless diversions such as trying to repeal 
the Affordable Care Act, defund Planned Parenthood, and use the 
Benghazi Select Committee as an adjunct of the Republican National 
Committee to engage in partisan attacks on the leading candidate for 
the 2016 Democratic presidential nomination.
  Because so much time has been wasted on these frivolous issues, we 
now have the following critical deadlines staring us in the face:
  1. October 29: Highway & Transit Trust Fund expires, endangering good 
paying jobs and critical construction projects throughout America;
  2. November 3: Deadline to raise debt ceiling to protect full faith 
and credit of the United States.
  3. December 11: Deadline to pass a funding bill that keeps the 
government open.
  Americans are already paying a heavy price for House Republicans' 
legislative mismanagement.
  Earlier this summer, Republicans shut down the Export-Import Bank for 
the first time in its 81-year history.

[[Page H7082]]

  The Bank provides critical financing assistance--at no cost to 
taxpayers--to small, medium, and large-sized U.S. businesses that helps 
them create jobs here at home and sell their products overseas.
  Just two months after the Bank shut down, companies across the 
country are already feeling negative impacts on their ability to 
compete in the global marketplace.
  House Republicans also let the Land and Water Conservation Fund 
(LWCF) expire on September 30.
  Created in 1965, it is one of the nation's most successful 
conservation programs.
  The LWCF uses a small percentage of revenue from offshore oil and gas 
drilling to invest in public lands and local recreation projects, and 
helps to support more than 6 million U.S. jobs connected with outdoor 
recreation.
  Mr. Speaker, I renew my call that all Members of the House and Senate 
work together and address the real problems and challenges facing the 
American people and to work with the President to reach agreement on an 
appropriate budget framework that ends sequestration but does not harm 
our economy or require draconian cuts to middle-class priorities.

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