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. ELLI-
SON, Mr. GRIJALVA, and Mr. GARAMENDI) submitted the following con-
current 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 de-
faulted 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 polariza-
tion over the debt limit has increased the odds of a short- 
lived 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 eco-
nomic impact of such a default; 
Whereas predicating an increase in the debt ceiling on Con-
gressional 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 an-
other, upon all the loans it has occasion to make. Nor 
does the evil end here; the same disadvantage must be 
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•HCON 68 IH 
sustained upon whatever is to be bought on terms of fu-
ture 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 serv-
ices 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 obli-
gations 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 com-
mand 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 
Resolved by the House of Representatives (the Senate 
concurring), That it is the sense of Congress that the 
President should— 
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•HCON 68 IH 
(1) work with the Congress to secure passage of 
an increase in the statutory debt ceiling; 
(2) make clear that under no circumstances will 
the United States fail to pay its debts on time and 
in full; 
(3) make clear that, all other efforts failing, he 
will use his authority under the 4th clause of section 
3 of article I, to uphold section 4 of the 14th 
Amendment to the United States Constitution to en-
sure payment of all debts of the United States on 
time and in full; and 
(4) take any and all actions necessary to pre-
serve the full faith and credit of the United States. 
Æ 
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