    [Public Papers of the Presidents of the United States: William J. Clinton (1995, Book II)]
    [November 13, 1995]
    [Pages 1742-1743]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Message to the House of Representatives Returning Without Approval
    Temporary Public Debt Limit Increase Legislation
    November 13, 1995

    To the House of Representatives:
        I am returning herewith without my approval H.R. 2586, a bill that
    would provide a temporary increase in the public debt limit while adding
    extraneous measures that have no place on legislation of this kind.
        This bill would make it almost inevitable that the Government would
    default for the first time in our history. This is deeply irresponsible.
    A default has never happened before, and it should not happen now.
        I have repeatedly urged the Congress to pass promptly legislation
    raising the debt limit for a reasonable period of time to protect the
    Nation's creditworthiness and avoid default. Republicans in the Congress
    have acknowledged the need to raise the debt limit; the budget
    resolution calls for raising it to $5.5 trillion, and the House and
    Senate voted to raise it to that level in passing their reconciliation
    bills.
        This bill, however, would threaten the Nation with default after
    December 12--the day on which the debt limit increase in the bill would
    expire--for two reasons:
        First, under this bill, on December 13 the debt limit would fall to
    $4.8 trillion, an amount $100 billion below the current level of $4.9
    trillion. The next day, more than $44 billion in Government securities
    mature, and the Federal Government would be unable to borrow the funds
    to redeem them. The owners of those securities would not be paid on
    time.
        Second, the bill would severely limit the cash management options
    that the Treasury may be able to use to avert a default. Specifically,
    it would limit the Secretary's flexibility to manage the investments of
    certain Government funds--flexibility that the Congress first gave to
    President Reagan. Finally, while the bill purports to protect benefit
    recipients, it would make it very likely that after December 12, the
    Federal Government would be unable to make full or timely payments for a
    wide variety of Government obligations, including interest on the public
    debt, Medicare, Medicaid, military pay, certain veterans' benefits, and
    payments to Government contractors.
        As I have said clearly and repeatedly, the Congress should keep the
    debt limit separate from the debate over how to balance the budget. The
    debt limit has nothing to do with reducing the deficit; it has to do
    with meeting the

    [[Page 1743]]

    obligations that the Government has already incurred.
        Nevertheless, Republicans in the Congress have resorted to
    extraordinary tactics to try to force their extreme budget and
    priorities into law. In essence, they have said they will not pass
    legislation to let the Government pay its bills unless I accept their
    extreme, misguided priorities.
        This is an unacceptable choice, and I must veto this legislation.
        The Administration also strongly opposes the addition of extraneous
    provisions on this bill. Items like habeas corpus and regulatory reform
    are matters that should be considered and debated separately. Extraneous
    issues of this kind have no place in this bill.
        The Congress should pass a clean bill that I can sign. With that in
    mind, I am sending the Congress a measure to raise the permanent debt
    limit to $5.5 trillion as the Congress called for in the budget
    resolution, without any extraneous provisions.

                                                          William J. Clinton

    The White House

    November 13, 1995.