[Congressional Record Volume 169, Number 88 (Wednesday, May 24, 2023)]
[House]
[Pages H2556-H2557]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        LIFTING THE DEBT CEILING

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
California (Mr. Costa) for 5 minutes.
  Mr. COSTA. Mr. Speaker, I rise to address the serious issue of 
raising our debt limit before we wreak havoc on America's economy and 
the impact to the world's economy. What I want to talk about is common 
sense. It is common sense in terms of how we move forward with regards 
to our fiscal needs.
  Since 1960, Congress has raised the debt limit 78 times. It is 
Congress's responsibility to do this. It was done 49 times under 
Republican Presidents, 29 times under Democratic Presidents.
  There is a degree of hypocrisy that has filtered through this House 
in recent months regarding the debt ceiling. In the last 
administration, we voted to increase the debt limit three times, to 
lift the debt ceiling, under the Trump administration, while at the 
same time the debt was being increased by 25 percent. I even remember 
President Trump saying that he was the king of debt. I guess he is--or 
was.
  The fact is if that hadn't been increased by 25 percent, we wouldn't 
be here today with the dilemma of how we should raise the debt ceiling. 
We should raise it the way we have previously: cleanly, and in a 
bipartisan fashion. That is what we have done historically.

  As Sergeant Joe Friday used to say, ``Just the facts, ma'am.'' The 
debt ceiling has no impact on our spending, which is a reasonable issue 
to debate, how we spend America's tax dollars, and that is what the 
Congress ought to do.
  The debt ceiling simply commits us to paying the bills that we have 
already incurred. That is what this is about.
  That is why since 1960, Congress, under Republican and Democratic 
administrations, has raised the debt ceiling 78 times: 49 times under 
Republican Presidents, 29 times under Democratic Presidents.
  Yesterday's announcement by Treasury Secretary Yellen makes it clear 
there is no time to waste. June 1 is looming closely, and the havoc 
that would occur if we don't lift the debt ceiling is significant. We 
can and should avoid this economic catastrophe.
  Mr. Speaker, during the 19 years that I have been in Congress, I have 
voted to raise the debt ceiling 16 times, 3 times under the Trump 
administration. It is the responsible thing to do.
  Mr. Speaker, if we default on our debt, nearly 8 million jobs will 
disappear soon after in June.
  If we default on our debt, Social Security payments will be 
jeopardized.
  If we default on our debt, payments to veterans will be impacted.
  If we default on our debt, health benefits will be at risk for 
millions of Americans.
  In California, if we default on our debt as a result of the proposal 
that the Republicans are making and the measure that they pass, we will 
eliminate preschool and childcare for over 35,000 children. It will 
strip food assistance from over 1.3 million Californians.
  It would make college more expensive for over 874,000 students, and 
it would increase housing costs for 83,000 people in California. These 
numbers are being updated.
  So where are we?
  There is a commonsense agreement, based upon past history, that we 
must lift the debt ceiling. Republicans have acknowledged that.
  As a Blue Dog, I believe in fiscal responsibility, and I want to 
continue to work with my colleagues on both sides in a bipartisan 
effort to lower our debt because we must ensure that Social Security 
and Medicare remains solvent over the long term.
  We must do those things, but there is a way to do it. We can lift the 
debt ceiling cleanly, as we have in the past, and we can agree to a 
serious bipartisan commission to look at our debt and how we reduce our 
debt, as occurred under the Clinton administration.
  That is common sense. That is what this is all about. Partisan 
attempts to score political points should not be at the expense of the 
full faith and credit of the United States. Not only are Americans' 
economic recovery at threat here, but the U.S. dollar is the currency 
of the global economy.
  America is not a deadbeat Nation. We need to pay our bills and we 
need to meet the needs of American people.
  Mr. Speaker, let's lift our debt ceiling by June 1.

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