[Weekly Compilation of Presidential Documents Volume 32, Number 6 (Monday, February 12, 1996)]
[Page 220]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Signing Temporary Debt Extension Legislation

February 8, 1996

    A nation's financial integrity is a sacred trust. To preserve our 
creditworthiness, we must honor all obligations of the United States. 
Through the Civil War, two World Wars, and the Depression, America has 
paid its bill and kept its word.
    Last week, congressional leaders acknowledged the importance of 
protecting our Nation's creditworthiness. They made a commitment in a 
letter to pass a mutually acceptable debt limit increase by February 
29th to ensure that the United States does not default on our 
obligations.
    Congress also took a constructive step by passing H.R. 2924 which I 
am signing today. This law provides temporary debt relief that allows us 
to meet all of our obligations and to pay Social Security and other 
benefits, military active duty pay, and other commitments at the 
beginning of March. Congress has promised to secure a mutually 
acceptable debt limit increase. Today, I call on Congress to pass a 
straightforward, long-term debt limit increase immediately so that we 
can get on with our shared goal of balancing the budget without the 
threat of default hanging over our Nation.

Note: H.R. 2924, approved February 8, was assigned Public Law No. 104-
103.