[Congressional Record (Bound Edition), Volume 160 (2014), Part 2]
[House]
[Pages 2855-2861]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1615
         PATRICIA CLARK BOSTON AIR ROUTE TRAFFIC CONTROL CENTER

  Mr. CAMP. Mr. Speaker, pursuant to House Resolution 478, I call up 
the bill (S. 540) to designate the Air Route Traffic Control Center 
located in Nashua, New Hampshire, as the ``Patricia Clark Boston Air 
Route Traffic Control Center,'' and ask for its immediate 
consideration.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Pursuant to House Resolution 478, an 
amendment in the nature of a substitute consisting of the text of 
sections 1 through 3 of Rules Committee Print 113-37 is adopted, and 
the bill, as amended, is considered read.
  The text of the bill, as amended, is as follows:

                                 S. 540

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Temporary Debt Limit 
     Extension Act''.

     SEC. 2. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.

       (a) In General.--Section 3101(b) of title 31, United States 
     Code, shall not apply for the period beginning on the date of 
     the enactment of this Act and ending on March 15, 2015.
       (b) Special Rule Relating to Obligations Issued During 
     Extension Period.--Effective March 16, 2015, the limitation 
     in effect under section 3101(b) of title 31, United States 
     Code, shall be increased to the extent that--
       (1) the face amount of obligations issued under chapter 31 
     of such title and the face amount of obligations whose 
     principal and interest are guaranteed by the United States 
     Government (except guaranteed obligations held by the 
     Secretary of the Treasury) outstanding on March 16, 2015, 
     exceeds
       (2) the face amount of such obligations outstanding on the 
     date of the enactment of this Act.

     SEC. 3. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL 
                   DEBT.

       (a) Extension Limited to Necessary Obligations.--An 
     obligation shall not be taken into account under section 
     2(b)(1) unless the issuance of such obligation was necessary 
     to fund a commitment incurred pursuant to law by the Federal 
     Government that required payment before March 16, 2015.
       (b) Prohibition on Creation of Cash Reserve During 
     Extension Period.--The Secretary of the Treasury shall not 
     issue obligations during the period specified in section 2(a) 
     for the purpose of increasing the cash balance above normal 
     operating balances in anticipation of the expiration of such 
     period.

  The SPEAKER pro tempore. The gentleman from Michigan (Mr. Camp) and 
the gentleman from New York (Mr. Crowley) each will control 30 minutes.
  The Chair recognizes the gentleman from Michigan (Mr. Camp).


                             General Leave

  Mr. CAMP. Mr. Speaker, I ask unanimous consent that all Members have 
5 legislative days in which to revise and extend their remarks and to 
include extraneous material on S. 540.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Michigan?
  There was no objection.
  Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
  The last time I stood on the floor to talk about a ``clean'' debt 
limit increase, I did so to prove that we could do better. It was an 
effort to implore my Democrat colleagues in the House and the Senate to 
heed the warnings of the President's own fiscal commission, also known 
as the Simpson-Bowles Commission, which clearly noted how our economy 
and hardworking taxpayers would suffer under the mountain of debt 
Washington was racking up.
  My position is unchanged. I remain as committed as ever to grappling 
with our debt; to making the tough decisions to reform, improve, 
strengthen, and protect our entitlement programs; and, most 
importantly, to getting this economy back on track so hardworking 
taxpayers start seeing their pay go up and those in need of a job can 
find one. In fact, that work is underway at the Ways and Means 
Committee where we posted for public comment bipartisan proposals to 
reform Medicare and Social Security so that they are viable for seniors 
and taxpayers, not only today but well into the future.
  Regrettably, over the last 3 years, Democrats have hardened their 
position. The President, Senate Democrats, and House Democrats will not 
even entertain a discussion--let alone a negotiation--over what reforms 
we can make along with a debt limit increase. They have become 
unyielding. Democrats are totally adamant: extend the debt limit or 
default. That is the position of today's Democrat Party: don't 
negotiate, don't reach out across the aisle, ignore the past, which 
clearly shows the debt limit typically passes with other reforms.
  Mr. Speaker, I remember serving when Bill Clinton was President. 
Those were different times. Despite our different opinions, we were 
able to find common solutions for the American people. We balanced the 
budget, reformed our Nation's welfare laws, and helped break the cycle 
of dependency by placing an emphasis on work. Today, Democrats openly 
cheer that their health care law will lead to less work.
  Well, Mr. Speaker, I am disappointed the Democrats have walked away 
from the table, and I am disappointed we are not engaged in a more 
serious debate today. But as disappointed as I am, I cannot, in good 
conscience, let the Democrats' refusal to engage lead to a default. For 
that reason, and that reason alone, I will vote ``yes'' today.
  But today's legislation is hardly a solution to our looming debt 
crisis. That is why the Ways and Means Committee will continue to 
carefully review and advance policies that not only reform our 
entitlement programs, providing greater protection for seniors and 
greater savings for hardworking taxpayers, but also policies that will 
create a stronger economy with more jobs and higher wages for workers. 
It is only through a combination of such policies that we can truly 
solve this problem.
  I reserve the balance of my time.
  Mr. CROWLEY. Mr. Speaker, I yield myself as much time as I may 
consume.
  I thank the gentleman from Michigan, the chairman of the Ways and 
Means Committee, for his responsible commitment to vote for this bill 
today. I wish I could say that a majority of his party was going to be 
responsible and vote for this bill today, but I cannot.
  First, I am pleased that the Republican Party seems to be shedding at 
least part of its extremist Tea Party ideology in the prevailing belief 
of holding the Nation hostage to meet the whims of a select few.
  Now, I would just like to take a moment to explain what the House is 
and is not voting on today. We are voting today to ensure that our 
country can pay the bills we have already incurred--not new bills, old 
bills, so that

[[Page 2856]]

Social Security checks can continue to be mailed, so that doctors 
serving Medicare patients will be reimbursed for their services, so 
that veterans' pensions and compensation will be paid out, and so 
income tax refund checks will continue to be processed and paid out.
  What we are not voting for--what we are not voting for--we are not 
voting for a bill to spend money. Our Republican colleagues will argue 
that this bill allows the Federal Government to continue to borrow and, 
therefore, spend more money. They say tax revenues come in and even 
more goes out in spending for government services and programs, 
services and programs that we all agree benefit our mutual 
constituents.
  So what is the alternative the Republicans would offer instead? My 
Republican colleagues would offer default, because not supporting this 
bill would mean you support default and defaulting on our Nation's 
debt. Default would mean taxpayer dollars would still come into the 
government. We would still collect. The IRS would still collect taxes, 
but no money would go out. There would be no services or programs that 
benefit our constituents; they would be shut down.
  Do you all remember how angry the country was during the Republican 
shutdown of our government when military death benefits were not paid? 
That would only be magnified under a default led by the Republican side 
of the aisle. Not only would there be no death benefits, there would be 
no veterans' benefits at all, and no money for VA hospitals, doctors, 
and nurses. And a default wouldn't just affect our military and our 
veterans. There would be no funds for food inspectors, no Pell grants, 
no air traffic controllers or any other government service because of 
the default.
  Let's be clear. If you liked the Republican-engineered shutdown of 
our government, you will love the default the Republicans who would 
vote ``no'' today would perpetuate on the American public.
  This is a debt that the Republican caucus helped create. You own a 
portion of this debt. The American people are watching this vote. They 
are confounded, once again, that the majority of the majority will vote 
to default. The overwhelming majority of the minority will vote not to 
default. I ask the American people, which party is the responsible 
party? The answer is clear. The Democratic Party will be responsible 
today. We will vote overwhelmingly for this bill not to default on our 
Nation's debt, not to raise interest rates on our constituents, and not 
to raise the cost of money for the government to borrow, either.
  I yield as much time as the gentleman from Massachusetts (Mr. Neal) 
may consume.
  Mr. NEAL. Mr. Speaker, let me thank Mr. Crowley for recognizing me, 
and I want to pursue the themes that he has offered a moment ago.
  I listened to the gentleman from Georgia earlier speaking of debt in 
the years out. That has nothing to do with the argument that is being 
applied on this floor. This is about the basic arithmetic of the credit 
card that arrives at a family's doorstep for a variety of costs. This 
is about paying for the war in Iraq, which I was opposed to but I 
believe we still have an obligation to pay for, including the 1 million 
new veterans that were created that are currently straining our VA 
system.
  In addition, this is a vote about paying for the tax cuts in 2001 and 
2003 that continued right through 2010 based upon the mistaken notion, 
the theology that was applied, suggesting that, in fact, tax cuts pay 
for themselves.
  This is about a turnaround of a projected surplus of $5 trillion that 
instead became ongoing deficits and debt noted for the ill-conceived 
policies that many of our friends on the other side embraced under the 
hubris of suggesting that you can have it all.
  When else in American history, when else have we embraced the idea 
enunciated not long ago by the former majority leader of the Republican 
Party who suggested that it was patriotic in a time of war to cut 
taxes? Lincoln and Roosevelt certainly didn't embrace that position. 
You can't have it all.
  What was desirable by the Republican Party during those years was 
essentially this: they were going to score political points on the 
issue of the debt ceiling. They were going to hold the debt ceiling 
hostage for isolated issues that placated a minority of the majority.
  Now, I know most of the Republicans that have come to the floor 
today, and I want to tell you, my knowledge of them is they are very 
responsible when it comes to budgeteering, but they are caught by a 
minority of their majority who now dictate the outcome of where many of 
those positions go. So the result of the last standoff we had over the 
debt ceiling was that our debt was downgraded. America's credit rating 
in the world was downgraded. Look at the strength of the American 
dollar today. Why is it in that position? I have never been anywhere 
where the world doesn't say: We honor the American dollar.
  The point that I offered a moment ago is the following: they were 
prepared to default on that debt for the purpose, again, of isolated, 
strident political views that are outside of the mainstream. Job 
creation? It was held hostage. Fewer jobs were created than at any time 
since the Great Depression. That is not an opinion; that is a fact.
  Now, this behavior was unacceptable, and the American people said so. 
You pay for what you spend. Raising the debt ceiling ensures that we 
will not be a deadbeat nation in the eyes of the world nor in the eyes 
of our own citizenry.
  Not long ago, we passed an omnibus spending bill.
  Incidentally, because of the breakdown in the regular order here, the 
idea that we used to spend according to the 12 to 13 appropriations 
bills that guided us every year, it was known as the regular order 
where Members had a chance to amend spending bills in committee and 
then on the floor, I must tell you that is a quaint reservoir of 
thought these days. Now we wrap it all up, and the same people that 
could say, Well, I am going to pass the omnibus spending bill to take 
care of favored spending, and then say, Well, I am not going to vote to 
raise the debt ceiling, the argument is anachronistic.
  So I support this measure having voted against the Bush tax cuts, 
having voted against the war in Iraq, and having voted against most of 
the policies that got us into this. But this is about the full faith 
and credit of the United States, and it should be embraced by this 
entire body.
  Mr. CROWLEY. I am pleased to yield 1 minute to the gentlelady from 
California, Nancy Pelosi, the leader of the Democratic Caucus in the 
House.
  Ms. PELOSI. Mr. Speaker, I thank the gentleman for yielding. I thank 
him for his leadership on this important issue to him. To Mr. Levin and 
members of the Ways and Means Committee, thank you for making clear 
what the stakes are in this vote on the floor today.
  Mr. Speaker, the 14th Amendment of our Constitution declares:
  The validity of the public debt of the United States, authorized by 
law, shall not be questioned.
  That has always been the standard upheld and advocated by House 
Democrats.
  In each of my conversations with Speaker Boehner, I have conveyed the 
unwavering support of the House Democratic Caucus for a clean bill to 
lift the debt ceiling. That means no goodies for one side or the other. 
There is nothing you could add to it that would say, Okay, since it is 
something I like, then I don't mind if it isn't clean. I said to the 
Speaker, Even if you added something that I cared about a great deal, 
that our Caucus cared about a great deal, that does not make it right 
because the full faith and credit should be unquestioned, and it is not 
negotiable.
  I thank the Speaker for giving us this opportunity. This is really 
important to bring legislation to the floor that is consistent with the 
intent of the Constitution and with the best interests of the American 
people. Well, I tell you this, we have heard from all kinds of leaders 
of finance, from the

[[Page 2857]]

boardroom to the kitchen table. The boardroom tells us, the conference 
table then writes to us and says: We urge you to again take the 
necessary steps to preserve our Nation's financial standing in the 
world and help ensure that the American recovery continues in its 
current path toward restored prosperity by the uncertainty as to 
whether or not we will incur an historic default in raising the debt 
ceiling.

                              {time}  1630

  I wish to submit the full letter to the Record with the signatories 
who represent the captains of industry and finance in our country.
  More important than that, as important as that is, our global 
standing in the world, more important to each and every person in our 
country is what Mr. Neal spelled out: what this means to you. If you 
are a consumer with a credit card, if we did not take this action 
today, interest rates could skyrocket, making it harder for families to 
get loans, and for small businesses to invest, spend and hire. Again, 
on your kitchen table as you pay the bills each month, you would have 
higher interest rates for your mortgage, your car payments, your 
student loans, and your credit card bills. Higher interest rates once 
again on small business loans that are used to pay employees or expand 
business. Significant blows would come to 401(k)s as a result of the 
stock market reaction to our not lifting the debt ceiling. Credit 
markets could freeze. The value of the dollar would be negatively 
impacted.
  So there is a great deal at stake in this vote today. Again, at the 
time when we have to lift the debt ceiling, it is appropriate to have a 
discussion of spending priorities, of budgets that should be a 
statement of our values; but there should be no question that those 
debates would be something that would not just be a debate, but be a 
barrier to lifting the debt ceiling. That is why I am grateful to the 
Speaker and the Republican leadership for giving this House this 
opportunity to act in a way that is consistent with the Constitution.
  When this measure passes today, Congress will state unequivocally 
that the full faith and credit of the United States of America is not 
in doubt. I thank my Democratic colleagues for never wavering from this 
position and standing firm on behalf of all Americans. I thank once 
again the Speaker for giving us this opportunity to associate ourselves 
and support the Constitution and the American people.
                                                 January 30, 2014.
       Dear Members of Congress, The undersigned associations 
     representing a broad swath of the nation's business community 
     and sectors serving tens of millions customers, businesses 
     and investors, respectfully urge you to raise the federal 
     debt limit without delay.
       While we firmly believe that the time is long overdue for 
     the Administration and the Congress to come together and 
     develop long-term solutions to our very real fiscal 
     challenges, defaulting on the nation's debt obligations 
     should not be an option for policymakers to consider. Should 
     the President and Congress fail to work together and raise 
     the debt limit in a timely fashion, the Treasury will be 
     unable to meet government obligations coming due which would 
     trigger a series of events that would inevitably lead to 
     American taxpayers paying more to finance our debt. Even a 
     short-term failure to fulfill our obligations would seriously 
     impair market operations and could have significant 
     consequences to our fragile economic recovery. When Congress 
     last debated this matter in the fall of 2013, markets clearly 
     signaled the potential negative affects through increased 
     interest rates and weakened investor demand for U.S. assets.
       We urge you to again take the necessary steps to preserve 
     our nation's financial standing in the world and help ensure 
     that the American economy continues on its current path 
     toward restored prosperity by eliminating the uncertainty as 
     to whether or not we will incur an historic default and 
     raising the debt ceiling.
       Thank you for considering our urgent request. We look 
     forward to working with you to advance this and other 
     critical legislation.
           Signed,
       American Bankers Association, American Insurance 
     Association, U S Chamber of Commerce, Consumer Bankers 
     Association, Financial Services Forum, Financial Services 
     Roundtable, Independent Community Bankers of America, 
     Investment Company Institute, Securities Industry and 
     Financial Markets Association.

  Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
  The Budget Control Act was signed into law on August 2. On August 5, 
Standard & Poor's downgraded the United States credit rating and did so 
because:

       The downgrade reflects our opinion that the fiscal 
     consolidation plan that Congress and the President recently 
     agreed to falls short of what, in our view, would be 
     necessary to stabilize the government's medium-term debt 
     dynamics.

  There have been some speakers who have come to this floor who said we 
were downgraded because of brinksmanship. We were downgraded because 
there were those of us who wanted to see some approach to fiscal 
responsibility in our debt limit negotiations.
  Clearly, that is revisionist history, and the facts bear out. 
Standard & Poor's own quote was it was because we didn't go far enough, 
not because we tried to address our medium term and long-term debt.
  So this reinforces my point. We can't be satisfied with just 
increasing the debt limit. I realize that is where we are today, and as 
I have said, I will vote for this legislation, but as another speaker 
has said, they have viewed this as nonnegotiable, and what we really 
need to do is reach across the aisle and work together to find long-
term solutions to both our medium term and long-term debt obligations 
so that these programs, like Medicare and Social Security, these 
valuable programs that serve many of our citizens, are not only viable 
and there today, but there well into the future.
  I reserve the balance of my time.
  Mr. CROWLEY. Mr. Speaker, I would inquire as to the time remaining on 
both sides.
  The SPEAKER pro tempore. The gentleman from New York has 21 minutes 
remaining. The gentleman from Michigan has 25\1/2\ minutes remaining.
  Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentleman from 
Michigan (Mr. Levin), the ranking member of the Ways and Means 
Committee.
  Mr. LEVIN. Mr. Speaker, we have been adamant about a clear, clean 
debt ceiling vote, and now it is happening. It should have happened the 
last time, and because of the Republican position, a high price was 
paid--jobs were lost, 120,000; the stock market plunged nearly 20 
percent; and economic growth was slowed significantly. So this time 
around, we are going to do the right thing.
  The gentleman from Michigan, my colleague, the chairman of the 
committee talked about working together, and I want to close by 
suggesting now with this vote in terms of the debt ceiling, we have 
cleared the deck. Let us now take up the other issues of major 
importance to the people of this country, and one of them is 
unemployment insurance.
  As we stand here today, isolated maybe by the walls around this 
Chamber, but I hope not, 1.7 million people have lost every dime of 
their unemployment insurance, the long-term unemployed. All right, we 
are clearing the decks. Now let's pay attention to the business of the 
American people in addition to full faith and credit. We should not be 
leaving here with 1.7 million Americans out in the cold because too 
many people in this institution haven't been willing to listen to their 
stories. Listen and act.
  Mr. CAMP. Mr. Speaker, I reserve the balance of my time.
  Mr. CROWLEY. Mr. Speaker, I yield 3 minutes to the gentleman from 
Maryland (Mr. Hoyer), the minority whip.
  Mr. HOYER. Mr. Speaker, I thank the gentleman from New York and I 
thank the gentleman from Michigan.
  Let me start by saying this issue ought not to be subject to debate. 
America, the greatest land on the face of the Earth, and one of the 
most successful economic countries in history, ought to pay its bills. 
I can't believe there is any American who thinks that America should or 
would welch on that which it owes. That is not a very sophisticated 
argument. I can make a more sophisticated argument, but when it comes 
down to it, that is the issue: will America pay its bills? Will it give 
confidence to the investor community? Will it give confidence to the

[[Page 2858]]

business community? Will it give confidence to our own citizens? 
Indeed, will we give confidence to the world that the world's leader 
can manage its own affairs responsibly?
  I want to join Leader Pelosi in congratulating the Speaker for 
bringing this bill to the floor. He brings it to the floor because he 
knows, as I have just said, there is no alternative for America but to 
pay its bills. He brings it to the floor because he knows that if he 
doesn't, the business community is going to think that the majority 
party in this House cannot manage the affairs of the United States of 
America in a responsible fashion. Lamentably, he brings it to the 
floor, apparently, with some doubts as to whether or not those who have 
elected him Speaker will follow him in taking a responsible path.
  My presumption is, although I don't know, is that the gentleman who 
chairs the Ways and Means Committee will vote for this. My presumption 
is Mr. Cantor, the majority leader, will vote for this. My presumption 
is that Speaker Boehner will vote for this. My presumption is based 
upon the fact that they have represented that there is not an 
alternative that is a responsible one.
  I doubt that there are many people on this floor who have urged us to 
pursue a big deal more than I have. I voted against the last budget 
agreement, otherwise known as Ryan-Murray, because I thought it was too 
small and did not move us toward fiscal responsibility and 
sustainability in the magnitude that it should have.
  Having said that, however, there is no alternative to pay the bills 
that we have incurred, that the House, the Senate, and the President on 
behalf of the American people have incurred, and because we are a great 
Nation, we will certainly not welch on our debts.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Mr. CROWLEY. I yield an additional 3 minutes to the gentleman.
  Mr. HOYER. So we come to this time with not many people on the floor, 
although we have demagogued this issue in the past. We, both sides. 
Let's be clear. On our side, we said that the Republicans cut revenues; 
therefore, they were responsible for the debt. On their side, they say 
Democrats spent money and invested money; and, therefore, they are 
responsible for the debt.
  The fact of the matter is we were all responsible for the debt. The 
fact of the matter is under the Reagan administration, when I came to 
Congress, we substantially increased the national debt, and we could 
only do so with Ronald Reagan's signature. Then under George Bush the 
first, we substantially increased the debt. We could only do so with 
George Bush's signature. Under Bill Clinton, we brought the debt down 
for 4 years running, and we ran surpluses for the next 4. Of course, 
Republicans were in the House and in charge for 6 years. So it was a 
team effort, if you will, and we had a budget surplus.
  Then in the second Bush administration, we substantially increased 
the budget deficit. We had two wars, and we paid for none; trillion 
dollar-plus in additional deficit, many trillions over time.
  So, my friends, we come to the floor today to do the only responsible 
alternative available to us, but that does not mean that anybody who 
votes for this believes that it is not critically important for us to 
have America on a fiscally sustainable path.
  The Business Roundtable has urged us to pass this bill. As Leader 
Pelosi quoted, the Chamber of Commerce said not to do so will put our 
country and our economy at risk. Yet, I fear there are going to be 
apparently a significant number of people who will come and vote 
``no,'' vote ``no'' on paying America's bills; vote ``no'' on giving 
confidence to the international community that America is in fact able 
to manage its affairs.
  There ought to be no debate, as I said, when it comes to making sure 
that we pay our bills on time, the bills Congress has incurred. As I 
said, the Business Roundtable was quoted as saying:

       Urgent action is required on the part of Congress in order 
     to prevent a default.

  In fact, they said if we defaulted, every American, all 315-plus 
million, would feel the negative effects. Why would anybody vote 
against such a bill?
  The SPEAKER pro tempore. The time of the gentleman has again expired.
  Mr. CROWLEY. I yield an additional 30 seconds to the gentleman.
  Mr. HOYER. I will conclude because my friend is running out of time. 
This is not a partisan vote and should not be viewed as such. 
Republicans and Democrats have voted to protect the American people, 
provide for the national defense, and provide for the general welfare 
of our country pursuant to our constitutional responsibilities. Having 
done so, there is no responsible alternative but to pay our bills. That 
is what this vote is about. Let's show the courage, the wisdom, the 
common sense to do just that. Vote ``yes.''

                              {time}  1645

  Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
  I point out to my friends on the other side that, in recent memory, 
there have been seven instances where debt limits were part of other 
major pieces of legislation. For example, in the first Bush 
administration, there was a Balanced Budget and Emergency Deficit Act; 
in the Clinton administration, there was the Reconciliations Act, as 
well as the Contract with America Advancement Act; in the Obama 
administration, there was stimulus, Pay-As-You-Go, Budget Control Act. 
This has happened seven times in recent history.
  What is different? Why can't it happen now? Well, the difference is 
that you had both parties willing to come together and negotiate major 
pieces of legislation that would help to address the short-term, 
medium-term, and long-term drivers of our debt. What we have now is a 
very open admission that it is absolutely nonnegotiable. There is a 
straight increase in the debt limit without any legislation, even 
though this happened seven times in the past.
  So I would just say that debt limit increases are often parts of 
larger pieces of legislation and it would not be unusual. And it is, I 
think, a sad day when the other side has a take-it-or-leave-it approach 
and is unwilling to come together with the Republicans to find a way to 
bring other legislation to the floor that will help address the drivers 
of our debt.
  I reserve the balance of my time.
  Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentlewoman from 
California (Ms. Waters), ranking member of the Financial Services 
Committee
  Ms. WATERS. Mr. Speaker, once again, it is the House Democrats who 
are required to take the important action to protect our Nation's well-
being. Today, most House Republicans will once again refuse to stand 
behind the full faith and credit of the United States, threatening an 
economic catastrophe for all Americans.
  When Republicans pushed our Nation to the brink of default last year, 
refusing to increase the debt limit, businesses, large and small, began 
to cut back by slowing spending and hiring. Consumer confidence fell 
faster than at any other time since the financial crisis in 2008. 
Potential home buyers didn't buy homes. But despite these warnings, 
House Republicans still want to push us to default, and the 
consequences would be disastrous.
  The value of our 401(k)s and IRAs would plummet, significantly 
hurting those saving for retirement. For consumers, a default would 
make credit cards, mortgages, and student and automobile loans all more 
expensive. Default would lead to a U.S. credit rating downgrade, making 
it harder for new businesses to hire new employees and our cities and 
States to finance schools, hospitals, roads, and bridges.
  Mr. Speaker, the American people cannot afford another round of 
Republican recklessness. Everyone from Wall Street CEOs to conservative 
economists agree: we need to honor our debts.
  I and my Democratic colleagues will once again do what is necessary. 
I urge the Republicans to put Americans before ideology and support 
this legislation to raise the debt ceiling.
  Mr. CAMP. I reserve the balance of my time.

[[Page 2859]]


  Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentleman from 
California (Mr. Honda).
  Mr. HONDA. Mr. Speaker, today the U.S. Congress is doing its job 5 
days after forcing the Treasury to resort to extraordinary measures to 
finance our government and 3 legislative days before an unprecedented 
default.
  This marks the fourth time in the last 3 years that we have been 
pushed right to the brink of default. Everyone outside of this Chamber 
knows we would have and should have lifted the debt ceiling long before 
we arrived at this point.
  I am glad to see that once again we have been able to do our most 
basic job, but we need to stop playing these political games with our 
economy, our stability, and our reputation. We should not be forced to 
wonder, year after year, if we are going to be able to decide to meet 
our obligations. We should guarantee that the only time we debate 
spending is during spending debates.
  I would ask my colleagues to help me reform this process and install 
a permanent fix that would end their brinksmanship surrounding the debt 
limit. That is why I have introduced two bills that allow the debt 
limit to be raised unless a supermajority of Congress votes to block 
them. This would permanently shift the rule of Congress to disapproving 
debt ceiling increases instead of being forced to approve them.
  My approach has been introduced in the other Chamber by Senators 
Schumer, Boxer, and Hirono. It has been endorsed by a growing chorus of 
economists and outside thought leaders.
  Today, I urge my colleagues to vote ``yes'' to lift the debt limit 
with me today. I also ask my colleagues to join me in pursuing 
permanent, necessary reforms for tomorrow so we can eliminate the 
futile hostage-taking.
  Mr. CAMP. I reserve the balance of my time.
  Mr. CROWLEY. Mr. Speaker, I yield 2 minutes to the gentlewoman from 
Texas (Ms. Jackson Lee).
  Ms. JACKSON LEE. Mr. Speaker, as I have listened to debate on the 
floor of the House, I have seen that Members are coming from all 
regions of the United States, which means that, in fact, this will be 
impacting all of our constituents. So I would hope Republicans would 
join the Democrats who will vote by and large, almost near 100 percent, 
to do what the Federal Reserve former Chairman Ben Bernanke said is to 
avoid a government shutdown. And perhaps even more so, a failure to 
raise the debt limit could have very serious consequences for the 
financial market and for the economy.
  More importantly, it will cost student loans much more to our young 
aspirants who are attempting to develop an expertise to contribute to 
this society. A longer default could increase payments by $2,000 of 
531,327 Texas students who rely on loans to go to college. Mr. Speaker, 
I don't want to do that.
  Higher interest rates for mortgages and auto loans and student loans 
and credit cards--Mr. Speaker, I don't want to do that.
  Families' retirement savings and 401(k)s dropping as the stock market 
plummets, reminding us of about 4 years ago when we had one of the 
worst plummets that we have ever experienced during the last 
administration.
  3.4 million veterans not receiving their disability--I know we do not 
want to do that.
  Ten million Americans not receiving their Social Security check on 
time in just the first week--we cannot do that.
  Drug reimbursements under Medicare stopping and doctors and hospitals 
not getting paid--I know the Members of Congress will not and do not 
want to do that.
  So, a clean debt ceiling is the only direction, but we have some 
other options. We can do this in a bipartisan manner. We can have the 
Democrats standing tall as they have advocated for a clean debt 
ceiling, but we can join with our partners and we can acknowledge the 
fact that the government is not broke. We can invest in infrastructure.
  As my colleague, Congressman Levin, has said, we can ensure that we 
extend the unemployment insurance and provide for education and provide 
for research and development. We can build this country. It is time now 
to vote for a clean debt ceiling and do it together so that we can 
invest in America.
  Mr. CAMP. Mr. Speaker, I reserve the balance of my time.
  Mr. CROWLEY. Does the gentleman from Michigan have any additional 
speakers?
  Mr. CAMP. I have no further speakers. I am prepared to close.
  Mr. CROWLEY. Mr. Speaker, I am prepared to close as well, and I yield 
myself such time as I may consume.
  In closing, I appreciate all of my colleagues coming down to the 
floor this afternoon to speak in favor of this proposed bill.
  I do think it is noteworthy to point out that only the gentleman from 
Michigan has come down to speak on behalf of the majority today and 
ably, I should say, he is voting for this bill, and I appreciate his 
support. But I notice that no one took time in opposition on the other 
side of the aisle. Maybe they just don't really care as much about this 
issue as we thought they did.
  But the reality is, as I have said before, every vote against this 
bill is a vote for default. The Republican colleagues have an answer 
for that. They have a plan. They intend to default some day so they 
have a plan. They have a bill they call the Full Faith and Credit Act. 
We call it the ``Pay China First Act'' because what it does is it says, 
in the event of a default, we will pay those people who own our bonds, 
we will pay foreign governments first, and everyone else gets put down 
to the bottom of the barrel. But they have a plan; the Republicans have 
a plan in the case that we default.
  Let me say, Mr. Speaker, I think it is totally irresponsible to even 
have had a debate on this floor on a bill that would determine the 
payments of our debt in lieu of default. I think it is irresponsible. 
The fact that we have had this man-made brinkmanship is irresponsible. 
Once again, the Republican Party and their caucus is showing that they 
are not responsible enough to be ruling and to be governing here in the 
House of Representatives.
  Mr. Speaker, with that, I yield back the balance of my time.
  Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume.
  We have heard a lot of talk about how our Nation must pay its bills. 
But one major reason we are in this position is an unpaid for trillion-
dollar stimulus bill that did not increase economic growth, did not 
create jobs, and simply added to our debt.
  I know there are some on the other side who want to keep on spending 
no matter what the impact is on our credit rating. While I believe that 
we must increase our debt limit, I am clearly not satisfied that there 
are no provisions that would help us address the long-term drivers of 
this debt.
  But I will say that it is disappointing the Democrats have walked 
away from the table. It is disappointing that we are not engaged in a 
more serious debate today, a debate about policy and how we rein in 
what really has become runaway debt.
  But as I have said, as disappointed as I am in that, I cannot in good 
conscience let the Democrats' refusal to engage lead to a default. I 
will vote ``yes'' on this legislation today. But it is hardly a 
solution to our looming debt crisis. That is why the Ways and Means 
Committee will continue to move forward on reforming Medicare and 
Social Security, as we have, with bipartisan proposals that are in 
legislative form, published for the public to view on our Web site.
  We will move forward on tax reform, one that will help grow our 
economy, create jobs, and help address our debt crisis by a stronger, 
more vibrant economy that will provide opportunities for individuals to 
get work, increase their wages, and provide for themselves and their 
families.
  I hope that Democrats will join me in these efforts. I believe it is 
only through a combination of those policies can we really get to the 
true solutions to this very significant problem

[[Page 2860]]

facing our country. While this is a short-term solution to prevent what 
I think is essential that we do prevent, a default, it is not enough. 
As I have said, there is so much more to do.
  With that, I yield back the balance of my time.
  Mr. CONNOLLY. Mr. Speaker, the debt ceiling suspension expired last 
week, and Secretary Lew says that Treasury will only be able to ensure 
that the U.S. meet its commitments through Feb. 27. Sadly, some in the 
House Majority still find it difficult to accept that Congress should 
actually pay its bills, buying into the myth that not raising the debt 
ceiling will somehow slow government spending.
  My colleagues fail to acknowledge that the deficit, as CBO recently 
reported, fell by more than a third in the first three months of FY14, 
and CBO predicts it will continue to shrink and stabilize at around 4% 
of GDP. Last week, the Business Roundtable lamented that Congress's 
inaction fosters continued uncertainty, increases borrowing costs, and 
dampens hiring.
  The Speaker told reporters that he does not want to play chicken 
again with the full faith and credit of the United States. So let's 
have a clean vote on the debt ceiling and put this behind us. It's time 
to roll up our sleeves and tackle the real challenges facing our nation 
and start putting people back to work.

  Ms. JACKSON LEE. Mr. Speaker, I rise to speak on the rule for the 
debt ceiling increase.
  You may recall that two years ago the Nation's credit rating was 
downgraded for the first time ever because of politicized negotiations 
and the initial failure to reach an agreement--and now we risk that and 
more because an odd lot of members in this body and one, perhaps two in 
our bicameral twin, wish on the American people out of some misguided 
principle.
  Refusing to raise the debt ceiling poses a cataclysmic danger to the 
stability of our markets and the economic security of our middle class 
and complete devastation for the poor.
  I agree with President Obama that the full faith and credit of the 
United States is non-negotiable. The United States has been the 
worldwide standard bearer for many years and many other nations have 
been comfortable holding our paper but now our preeminent financial 
status is in jeopardy.
  As former Federal Reserve Chairman Ben Bernanke stated last year: ``A 
government shutdown, and perhaps even more so a failure to raise the 
debt limit, could have very serious consequences for the financial 
markets and for the economy . . .''
  The Federal Government's statutory debt limit currently stands at a 
sum near $16.699 trillion; and it needs to be increased.
  I ask what we tell the people of China and Japan, who each own over 
one trillion in U.S. treasury securities. Or Singapore which owns $80 
billion.
  We have enjoyed the status for many years now of hearing the phrase: 
``the flight to Treasuries,'' from financiers and investment analysts 
from around the world. This is something we should not and cannot take 
for granted.
  And I ask what about the Seniors and Baby Boomers who literally count 
on the Social Security Trust Fund for their retirement--because while 
our international image and reputation are incredibly important, Mr. 
Speaker, the largest single holder of Treasury Securities is the Trust 
Fund.
  The American people are not just owed government bonds--this 
Congress--and you--owe them peace of mind--let us vote on the debt 
limit--post haste.
  Here are some of those consequences if we do not raise the debt 
ceiling and pay our nation's bills:
  A debt limit increase simply allows Treasury to pay the bills for 
spending Congress has already approved and does not add one cent to the 
debt.
  House Democrats agree with President Obama that the full faith and 
credit of the United States is non-negotiable.


                         HIGHER MORTGAGE COSTS

  If a default were to increase mortgage interest rate spreads by as 
much as they did when Republicans threatened default in 2011--0.7 
percentage points--the average homebuyer will pay an extra $100 a 
month. [Treasury Department]
  This would cost 582,829 Texas residents, who took out a home mortgage 
or refinanced their existing mortgage last year, $36,000 over the life 
of a typical 30 year home loan.


                        LOST RETIREMENT SAVINGS

  American workers retirement accounts--pension funds, 401(k) plans, 
and Individual Retirement Accounts (IRAs)--are at risk with a 
government default as much of them are invested in the stock market.
  Private pension balances were 26 percent lower than they would have 
been if House Republicans had not threatened to default in July 2011. 
[The American Society of Pension Professionals and Actuaries]
  If a default caused retirement assets to shrink that much again, it 
will drop the average American's 401(k) by $15,000 and the average IRA 
by almost $23,000.
  And the cost would be worse for workers nearing retirement--dropping 
an average near-retirement worker's 401(k) more than $37,000.
  A Republican debt default would put at risk the retirement plans of 
4,473,000 Texans.


        SENIORS MAY NOT GET THEIR MONTHLY SOCIAL SECURITY CHECKS

  Fifty-eight million Americans, including seniors, widows, disabled 
workers and children, rely on Social Security to make ends meet every 
month.
  If Republicans force default, more than 10 million Americans will not 
get their Social Security on October 23. On November 1, Social Security 
is scheduled to pay another 26 million Americans.
  A Republican debt default would hurt 3,657,907 residents in Texas who 
rely on their earned Social Security benefits.


            DISABLED VETERANS MAY NOT RECEIVE THEIR PENSIONS

  Nearly 4 million disabled veterans receive monthly payments in 
recognition of their service and their sacrifice.
  If Republicans force default, they will not receive their benefits on 
November 1:
  299,877 Texas veterans receive disability compensation.
  24,984 very poor and disabled veterans in Texas receive a pension to 
live on.


               STUDENT LOANS WILL COST SIGNIFICANTLY MORE

  Even a brief default might increase the cost of college.
  For a freshman who starts school in 2014 and takes out the maximum 
annual student loan, their student loan costs are estimated to jump by 
about $1,000, increasing loan payments by 10 percent. [The Institute 
for College Advancement and Success (TICAS)]
  A longer default could increase payments by $2,000 for the 531,327 
Texas students who rely on loans to go to college.


  DOCTORS AND HOSPITALS MAY NOT GET PAID FOR TAKING CARE OF AMERICANS 
                             WITH MEDICARE

  More than a million doctors and hospitals that take care of Medicare 
beneficiaries have submitted bills for services they already provided. 
If Republicans force a default and Treasury is unable to pay them, they 
may not be able to continue caring for the 3,187,332 disabled workers 
and seniors in Texas.
  Higher interest rates for mortgages, auto loans, student loans, and 
credit cards. Higher interest rates and less access to business loans 
needed to finance payrolls, build inventories, or invest in equipment & 
construction.
  Families' retirement savings in 401(k)s dropping as the stock market 
plummets.
  3.4 million veterans not receiving disability benefits.
  10 million Americans not receiving their Social Security check on 
time in just the first week.
  Drug reimbursements under Medicare stopping, and doctors and 
hospitals not getting paid.
  Mr. Speaker, let's get to work together on behalf of the American 
people and pass a clean CR an raise the debt limit--now! The people 
expect nothing less, and time is of-the-essence.
  The SPEAKER pro tempore. All time for debate has expired.
  Pursuant to House Resolution 478, the previous question is ordered on 
the bill, as amended.
  The question is on the engrossment and third reading of the bill.
  The bill was ordered to be engrossed and read a third time, and was 
read the third time.
  The SPEAKER pro tempore. The question is on the passage of the bill.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. PRICE of Georgia. Mr. Speaker, on that I demand the yeas and 
nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, this 15-
minute vote on passage of S. 540 will be followed by a 5-minute vote on 
the motion to suspend the rules on H.R. 3448.
  The vote was taken by electronic device, and there were--yeas 221, 
nays 201, not voting 10, as follows:

                             [Roll No. 61]

                               YEAS--221

     Andrews
     Barber
     Bass
     Beatty
     Becerra
     Bera (CA)
     Bishop (GA)
     Bishop (NY)
     Blumenauer
     Boehner
     Bonamici
     Brady (PA)
     Braley (IA)
     Brown (FL)
     Brownley (CA)
     Bustos
     Butterfield
     Calvert

[[Page 2861]]


     Camp
     Cantor
     Capps
     Capuano
     Carney
     Carson (IN)
     Cartwright
     Castor (FL)
     Castro (TX)
     Chu
     Cicilline
     Clark (MA)
     Clarke (NY)
     Clay
     Cleaver
     Clyburn
     Coble
     Cohen
     Collins (NY)
     Connolly
     Conyers
     Cooper
     Costa
     Courtney
     Crowley
     Cuellar
     Cummings
     Davis (CA)
     Davis, Danny
     DeFazio
     DeGette
     Delaney
     DeLauro
     DelBene
     Dent
     Deutch
     Dingell
     Doggett
     Doyle
     Duckworth
     Edwards
     Ellison
     Engel
     Enyart
     Eshoo
     Esty
     Farr
     Fattah
     Fitzpatrick
     Foster
     Frankel (FL)
     Fudge
     Gabbard
     Gallego
     Garamendi
     Garcia
     Grayson
     Green, Al
     Green, Gene
     Grijalva
     Grimm
     Gutierrez
     Hahn
     Hanabusa
     Hanna
     Hastings (FL)
     Hastings (WA)
     Heck (WA)
     Higgins
     Himes
     Hinojosa
     Holt
     Honda
     Horsford
     Hoyer
     Huffman
     Israel
     Issa
     Jackson Lee
     Jeffries
     Johnson (GA)
     Johnson, E. B.
     Kaptur
     Keating
     Kelly (IL)
     Kennedy
     Kildee
     Kilmer
     Kind
     King (NY)
     Kirkpatrick
     Kuster
     Langevin
     Larsen (WA)
     Larson (CT)
     Lee (CA)
     Levin
     Lipinski
     LoBiondo
     Loebsack
     Lofgren
     Lowenthal
     Lowey
     Lujan Grisham (NM)
     Lujan, Ben Ray (NM)
     Lynch
     Maffei
     Maloney, Carolyn
     Maloney, Sean
     Matsui
     McCarthy (CA)
     McCarthy (NY)
     McCollum
     McDermott
     McGovern
     McIntyre
     McKeon
     McNerney
     Meehan
     Meeks
     Meng
     Michaud
     Miller, Gary
     Miller, George
     Moore
     Moran
     Murphy (FL)
     Nadler
     Napolitano
     Neal
     Negrete McLeod
     Nolan
     Nunes
     O'Rourke
     Owens
     Pallone
     Pascrell
     Payne
     Pelosi
     Perlmutter
     Peters (CA)
     Peters (MI)
     Peterson
     Pingree (ME)
     Pocan
     Polis
     Price (NC)
     Quigley
     Rahall
     Rangel
     Reichert
     Richmond
     Rogers (KY)
     Roskam
     Roybal-Allard
     Royce
     Ruiz
     Runyan
     Ruppersberger
     Ryan (OH)
     Sanchez, Linda T.
     Sanchez, Loretta
     Sarbanes
     Schakowsky
     Schiff
     Schneider
     Schrader
     Schwartz
     Scott (VA)
     Serrano
     Sewell (AL)
     Shea-Porter
     Sherman
     Shimkus
     Sinema
     Sires
     Slaughter
     Smith (NJ)
     Smith (WA)
     Speier
     Swalwell (CA)
     Takano
     Thompson (CA)
     Thompson (MS)
     Tierney
     Titus
     Tonko
     Tsongas
     Valadao
     Van Hollen
     Vargas
     Veasey
     Vela
     Velazquez
     Visclosky
     Walz
     Wasserman Schultz
     Waters
     Waxman
     Welch
     Wilson (FL)
     Wolf
     Yarmuth

                               NAYS--201

     Amash
     Bachmann
     Bachus
     Barletta
     Barr
     Barrow (GA)
     Barton
     Benishek
     Bentivolio
     Bilirakis
     Bishop (UT)
     Black
     Blackburn
     Boustany
     Brady (TX)
     Bridenstine
     Brooks (AL)
     Brooks (IN)
     Broun (GA)
     Buchanan
     Bucshon
     Burgess
     Byrne
     Capito
     Carter
     Cassidy
     Chabot
     Chaffetz
     Coffman
     Cole
     Collins (GA)
     Conaway
     Cook
     Cotton
     Cramer
     Crawford
     Crenshaw
     Culberson
     Daines
     Davis, Rodney
     Denham
     DeSantis
     DesJarlais
     Diaz-Balart
     Duffy
     Duncan (SC)
     Duncan (TN)
     Ellmers
     Farenthold
     Fincher
     Fleischmann
     Fleming
     Flores
     Forbes
     Fortenberry
     Foxx
     Franks (AZ)
     Frelinghuysen
     Gardner
     Garrett
     Gerlach
     Gibbs
     Gibson
     Gingrey (GA)
     Gohmert
     Goodlatte
     Gowdy
     Granger
     Graves (GA)
     Graves (MO)
     Griffin (AR)
     Griffith (VA)
     Guthrie
     Hall
     Harper
     Harris
     Hartzler
     Heck (NV)
     Hensarling
     Herrera Beutler
     Holding
     Hudson
     Huelskamp
     Huizenga (MI)
     Hultgren
     Hunter
     Hurt
     Jenkins
     Johnson (OH)
     Johnson, Sam
     Jones
     Jordan
     Joyce
     Kelly (PA)
     King (IA)
     Kingston
     Kinzinger (IL)
     Kline
     Labrador
     LaMalfa
     Lamborn
     Lance
     Lankford
     Latta
     Long
     Lucas
     Luetkemeyer
     Lummis
     Marchant
     Marino
     Massie
     Matheson
     McAllister
     McCaul
     McClintock
     McHenry
     McKinley
     McMorris Rodgers
     Meadows
     Messer
     Mica
     Miller (FL)
     Miller (MI)
     Mullin
     Mulvaney
     Murphy (PA)
     Neugebauer
     Noem
     Nugent
     Nunnelee
     Olson
     Palazzo
     Paulsen
     Pearce
     Perry
     Petri
     Pittenger
     Pitts
     Poe (TX)
     Pompeo
     Posey
     Price (GA)
     Reed
     Renacci
     Ribble
     Rice (SC)
     Rigell
     Roby
     Roe (TN)
     Rogers (AL)
     Rogers (MI)
     Rohrabacher
     Rokita
     Rooney
     Ros-Lehtinen
     Ross
     Rothfus
     Ryan (WI)
     Salmon
     Sanford
     Scalise
     Schock
     Schweikert
     Scott, Austin
     Sensenbrenner
     Sessions
     Shuster
     Simpson
     Smith (MO)
     Smith (NE)
     Smith (TX)
     Southerland
     Stewart
     Stivers
     Stockman
     Stutzman
     Terry
     Thompson (PA)
     Thornberry
     Tiberi
     Tipton
     Turner
     Upton
     Wagner
     Walberg
     Walden
     Walorski
     Weber (TX)
     Webster (FL)
     Wenstrup
     Westmoreland
     Whitfield
     Williams
     Wilson (SC)
     Wittman
     Womack
     Woodall
     Yoder
     Yoho
     Young (AK)
     Young (IN)

                             NOT VOTING--10

     Aderholt
     Amodei
     Campbell
     Cardenas
     Gosar
     Latham
     Lewis
     Pastor (AZ)
     Rush
     Scott, David

                              {time}  1727

  Mr. ROGERS of Alabama changed his vote from ``yea'' to ``nay.''
  Mr. PETERSON, Ms. SPEIER, and Mr. McINTYRE changed their vote from 
``nay'' to ``yea.''
  So the bill, as amended, was passed.
  The result of the vote was announced as above recorded.
  A motion to reconsider was laid on the table.

                          ____________________