[Congressional Record (Bound Edition), Volume 159 (2013), Part 11]
[House]
[Page 15931]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   DEFAULT WOULD HAVE PROFOUND IMPACT

  (Mr. HIGGINS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. HIGGINS. Mr. Speaker, if Congress does not meet its 
responsibilities, tomorrow the United States Treasury will have $31 
billion in revenues and $52 billion in obligations. At that point, the 
United States would default, with a profound impact on the global 
markets, which are structured on the premise that U.S. Treasury bonds 
are the safest asset in the world. The stock market will tank, and 
interest rates will spike.
  Earlier this year, House Republicans passed a budget that spent $800 
billion more than it took in. The logical consequence of that is to 
raise the debt ceiling. For the other side to use America's national 
credit as leverage is shameful, as shameful as Members protesting the 
closure of the World War II Memorial when they are the ones who voted 
to close it.
  Austerity and uncertainty kill economic growth. There is not an 
example in human history where an economy has grown itself out of a 
recession through austerity. Moving from crisis to crisis, as Congress 
has done in the last 3 years, has cost the American economy 900,000 
jobs.
  Enough. Reject austerity. End uncertainty and open the government, 
and pass a debt limit bill.

                          ____________________