[Congressional Record (Bound Edition), Volume 157 (2011), Part 9]
[House]
[Page 12336]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        DEFAULT IS NOT AN OPTION

  (Mr. ALTMIRE asked and was given permission to address the House for 
1 minute.)
  Mr. ALTMIRE. Mr. Speaker, with the clock tick, tick, ticking away 
towards a default on our financial obligations for the first time in 
American history, we need to come together to find bipartisan 
solutions. It's time to stop holding America's credit rating hostage.
  To be clear, what we face is not a possible government budget 
shutdown. The consequences of default would have far-reaching and long-
lasting effects. The increase in interest rates resulting from a 
default could cost Americans an additional $10 billion in borrowing 
costs, and the loss in confidence from investors in government 
securities worldwide could easily send America into another recession. 
Default is simply not an option.
  I support commonsense compromise solutions to reduce our deficit and 
return to balanced budgets.
  I hope that my colleagues on both sides are ready to put the partisan 
politics aside and move forward with a plan to help keep America and 
the U.S. in good financial standing.

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