[Congressional Record (Bound Edition), Volume 161 (2015), Part 12]
[House]
[Page 16276]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              DEBT CEILING

  (Mr. GALLEGO asked and was given permission to address the House for 
1 minute.)
  Mr. GALLEGO. Mr. Speaker, as Republicans bicker behind closed doors, 
the deadline to raise the debt limit draws closer and closer.
  If we fail to act in time, interest rates will skyrocket, the dollar 
will plummet, and the stock market could collapse. That is 
unacceptable. It is time to bring this manufactured crisis to an end.
  Let's not fool ourselves. Even if the Republican leadership does 
manage to pass a last-minute extension, the mere threat of a default 
will inflict real damage on the American economy. Economists tell us 
that the 2011 debt limit standoff cost American jobs and contributed to 
the downgrade of the U.S. credit rating, and we are repeating the same 
mistake today.
  That is why the true threat to our fragile economic recovery isn't 
our budget deficit; it is the leadership deficit that exists within the 
Republican Party. Unfortunately, for conservative Republicans, 
irresponsibility has become a badge of honor and recklessness a source 
of pride.
  Mr. Speaker, the American people want leadership instead of 
brinksmanship. They want cooperation and compromise instead of deadlock 
and dysfunction. Let's raise the debt ceiling and move on to the 
critical work of building a stronger and more prosperous Nation.

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