[Congressional Record (Bound Edition), Volume 157 (2011), Part 8]
[Extensions of Remarks]
[Page 11087]
[From the U.S. Government Publishing Office, www.gpo.gov]




              FALL RIVER CHAMBER URGES RESPONSIBLE ACTION

                                  _____
                                 

                           HON. BARNEY FRANK

                            of massachusetts

                    in the house of representatives

                        Wednesday, July 13, 2011

  Mr. FRANK of Massachusetts. Mr. Speaker, an organization with which I 
am proud to work closely on behalf of economic development in the 
Greater Fall River Area, and for sensible national policies, the Fall 
River Area Chamber of Commerce, recently published in the Fall River 
Herald News a very thoughtful article which ``respectfully urges 
Congress to place the nation ahead of party politics by raising the 
federal debt limit without delay.'' The Chamber notes that ``failure to 
increase the statutory debt limit in a timely fashion can have a 
significant and long lasting negative impact on any potential recovery 
in the towns and cities of the South Coast.''
  Mr. Speaker, the Chamber understandably and correctly notes that they 
are ``extremely concerned about the level of the federal debt and the 
unchecked annual budget deficits that have become the new normal in 
Washington, DC''. I also agree with them that ``the U.S. government 
must learn to spend more wisely.'' And I believe that they have the 
sequencing of these issues in the correct form when they close by 
urging those of us in Congress to ``raise the federal debt ceiling and 
set in motion a dialogue to curb unchecked federal spending.'' I 
believe it is essential that we raise the debt ceiling and avoid 
negative economic consequences, and at the same time commit ourselves 
to adopting a set of policies that will substantially reduce the 
deficit over time. For example, Mr. Speaker, I personally renew my call 
to our colleagues to put an end to the wars in Afghanistan and Iraq 
which no longer can be justified in terms of national security, and 
which together costs us well over $100 billion dollars a year, as part 
of a package of steps that will bring down our annual deficits.

                 [From the Herald News, July 13, 2011]

               Chamber Urges Congress To Raise Debt Limit

                  (By Jason Rua and Robert A. Mellion)

       The Fall River Area Chamber of Commerce and Industry 
     represents a broad range of businesses in the South Coast 
     region of Massachusetts.
       Our membership employs tens of thousands of people 
     comprising all sectors of the economy including education and 
     high tech to healthcare, tourism and hospitality, 
     manufacturing, service and small businesses. They are also 
     the individuals who are making the local investments, taking 
     risks, creating jobs and through their taxes and payrolls, 
     providing the means for the community to afford the public 
     amenities we all enjoy.
       That is why the chamber, on behalf of its diverse and 
     vested membership, respectfully urges Congress to place the 
     nation ahead of party politics by raising the federal debt 
     limit without delay. Failure to increase the statutory debt 
     limit in a timely fashion can have a significant and long-
     lasting negative impact on any potential recovery in the 
     towns and cities of the South Coast. For that reason we urge 
     the Massachusetts congressional delegation to act prudently 
     by representing the best interests of your constituency.
       Raising the statutory debt limit is critical to ensuring 
     global confidence in the creditworthiness of the United 
     States. Not acting decisively on this issue will raise 
     national interest rates and inevitably the ability of 
     businesses to secure financing.
       With economic growth in the commonwealth of Massachusetts 
     slowly picking up for the first time in three years, we 
     cannot afford to jeopardize a few steps forward with the 
     threat of a massive spike in borrowing costs that would 
     result if our country defaulted on its international 
     obligations. To the contrary, it is practical economic theory 
     that the United States stands fully behind its legal 
     obligations.
       In making such recommendations, business leaders in the 
     SouthCoast also remain extremely concerned about the level of 
     the federal debt and the unchecked annual budget deficits 
     that have become the new normal in Washington D.C. Balance to 
     our fiscal position is critical for national economic 
     sustainability and tough decisions on federal spending must 
     be made as part of a long term debate about the future of 
     this nation. Quite simply, the U.S. government must learn to 
     spend more wisely.
       The chamber trusts that under the continued leadership 
     offered by the bipartisan Massachusetts congressional 
     delegation, Congress will again take the necessary steps to 
     preserve our nation's financial standing in the world. Such 
     stewardship is required in this 11th hour. Please ensure that 
     the national and Massachusetts economies continue on a path 
     toward restored prosperity. Raise the federal debt ceiling 
     and set in motion a dialogue to curb unchecked federal 
     spending.

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