[Congressional Record Volume 161, Number 155 (Thursday, October 22, 2015)]
[Extensions of Remarks]
[Page E1507]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                         DEFAULT PREVENTION ACT

                                 ______
                                 

                               speech of

                         HON. SUZANNE BONAMICI

                               of oregon

                    in the house of representatives

                      Wednesday, October 21, 2015

  Ms. BONAMICI. Madam Speaker, Congress should be discussing how to pay 
its obligations in a responsible manner, which is why I will oppose 
H.R. 692. This legislation would irresponsibly result in the payment of 
some obligations but not others. Importantly, this bill could result in 
payments going to China, but not to active-duty military, veterans, 
national security, and other important obligations.
   Instead of spending time on H.R. 692, which is likely to be vetoed, 
Congress should be working to raise the debt ceiling in a way that will 
prevent a default. Raising the debt ceiling permits payment of 
obligations already incurred. If we are unable to raise the debt 
ceiling by November 3rd, the Treasury will not be able to meet its 
obligations and the nation's credit rating would be in peril. The 
result would be devastating to our economic recovery.
  We can quickly put an end to this unnecessary crisis and the 
uncertainty it creates. Members of Congress can and must work together 
to prevent the United States from a catastrophic default, starting with 
a responsible approach to debt payment. Again, I urge my colleagues to 
join me in voting no on H.R. 692.

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