IV 

112TH CONGRESS 

1ST SESSION H. CON. RES. 68 

Expressing the sense of Congress that the President should ensure that 

the United States does not default on its debt by making every effort 

to negotiate passage of an increase in the statutory debt ceiling or, 

all such efforts failing, should use his authority under section 4 of 

the 14th Amendment to the United States Constitution to pay all debts 

of the United States as they come due. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 30, 2011 

Mr. NADLER (for himself, Mr. JOHNSON of Georgia, Mr. ENGEL, Mr. ELLISON, Mr. GRIJALVA, and Mr. GARAMENDI) submitted the following concurrent resolution; which was referred to the Committee on Ways and 

Means 

CONCURRENT RESOLUTION 

Expressing the sense of Congress that the President should 

ensure that the United States does not default on its 

debt by making every effort to negotiate passage of an 

increase in the statutory debt ceiling or, all such efforts 

failing, should use his authority under section 4 of the 

14th Amendment to the United States Constitution to 

pay all debts of the United States as they come due. 

Whereas the obligations of the United States will exceed the 

current statutory debt ceiling by August 2, 2011; 


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•HCON 68 IH 

Whereas unless Congress sends to the President legislation 

that would increase statutory borrowing authority, the 

United States will default on its debts; 

Whereas since its founding, the United States has never defaulted on its debts; 

Whereas the consequences of a default by the United States 

on its obligations, or even the growing concern in the 

world markets about the risk of such a default, could be 

catastrophic; 

Whereas Moody’s Investors Service warned that it might soon 

downgrade the credit rating of the United States because 

of mounting concerns that the government will default on 

its obligations. Moody’s stated, ‘‘The heightened polarization over the debt limit has increased the odds of a shortlived default’’; 

Whereas Budget Committee Chairman Paul Ryan said ‘‘If a 

bondholder misses a payment for a day or two or three 

or four—what is more important is you are putting the 

government in a materially better position to better pay 

its bills going forward’’ demonstrating that Republican 

leaders in Congress may be willing to allow a default on 

our public debt, notwithstanding the catastrophic economic impact of such a default; 

Whereas predicating an increase in the debt ceiling on Congressional passage of a balanced budget amendment to 

the United States Constitution all but ensures default; 

Whereas in 1790, Alexander Hamilton wrote, ‘‘For when the 

credit of a country is in any degree questionable, it never 

fails to give an extravagant premium, in one shape or another, upon all the loans it has occasion to make. Nor 

does the evil end here; the same disadvantage must be 


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sustained upon whatever is to be bought on terms of future payment.’’; 

Whereas at Hamilton’s urging, the United States paid all 

revolutionary war debts at face value and assumed all of 

the debts owed by the States; 

Whereas following the Civil War, the United States adopted 

the 14th Amendment to the United States Constitution, 

section 4 of which reads, ‘‘The validity of the public debt 

of the United States, authorized by law, including debts 

incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be 

questioned.’’; 

Whereas in the depths of the depression, the Supreme Court 

said ‘‘The Constitution gives to the Congress the power 

to borrow money on the credit of the United States. . . . 

Having this power to authorize the issue of definite obligations for the payment of money borrowed, the Congress 

has not been vested with authority to alter or destroy 

those obligations.’’ Perry v. United States, 294 U.S. 330, 

353 (1935); 

Whereas failure to raise the debt ceiling, and allowing the 

United States to default, would violate the clear command of section 4 of the 14th Amendment; and 

Whereas the President is obligated by his Oath of Office and 

his duty ‘‘take Care that the Laws be faithfully executed’’ 

to prevent a default on the debts of the United States 

notwithstanding the failure of Congress to do so: Now, 

therefore, be it 

1 Resolved by the House of Representatives (the Senate 

2 concurring), That it is the sense of Congress that the 

3 President should— 


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1 (1) work with the Congress to secure passage of 

2 an increase in the statutory debt ceiling; 

3 (2) make clear that under no circumstances will 

4 the United States fail to pay its debts on time and 

5 in full; 

6 (3) make clear that, all other efforts failing, he 

7 will use his authority under the 4th clause of section 

8 3 of article I, to uphold section 4 of the 14th 

9 Amendment to the United States Constitution to en10 sure payment of all debts of the United States on 

11 time and in full; and 

12 (4) take any and all actions necessary to pre13 serve the full faith and credit of the United States. 

Æ 


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