[Weekly Compilation of Presidential Documents Volume 31, Number 46 (Monday, November 20, 1995)]
[Page 2026]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Action to Prevent Default on the Public Debt

November 15, 1995

    The Republican Congress has failed to take responsible action to 
prevent default for the first time in our history and to ensure that the 
Government can meet its obligations, including paying next month's 
Social Security benefits. To prevent against default and all of its 
subsequent harmful consequences, my Secretary of Treasury has been 
forced today to take extraordinary but necessary actions. I won't allow 
the Republican Congress to force us into default or put Social Security 
beneficiaries at risk. If the Republican Congress won't take action to 
prevent default and protect Social Security recipients, I will.