[Congressional Record Volume 161, Number 155 (Thursday, October 22, 2015)]
[House]
[Page H7098]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           POTENTIAL DEFAULT

  (Mr. ASHFORD asked and was given permission to address the House for 
1 minute.)
  Mr. ASHFORD. Mr. Speaker, I rise today to oppose any potential 
default on our Nation's fiscal obligations.
  Treasury Secretary Lew stated that we must act before November 3 to 
avoid a default. If we default, we can't pay our obligations at home, 
and that means our veterans and seniors go without the benefits that 
they have earned.
  There is no doubt that we must rein in spending, and we must work 
together--and I know we can--to do so. At the same time, we must keep 
the promises that we have made to our veterans, to our seniors, and to 
our Nation's bondholders.
  President Ronald Reagan agreed that sacrificing our credit rating in 
the name of fiscal responsibility is not responsibility at all. He said 
of a potential default: ``Brinkmanship threatens . . . those who rely 
on Social Security and veterans benefits. Interest rates would 
skyrocket, instability would occur in financial markets, and the 
Federal deficit would soar.''
  Colleagues, let's not bring the government again to the edge of a 
default. Rather, let's find a bipartisan pathway, which I know we can 
do, that will control our spending and prevent the devastating effects 
of default on our economy and our veterans.

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