Date: 2015-10-21
Speaker: JACKSON LEE (democrat)
Chamber: H

Mr. Speaker. there are just 9 more legislative days to act fully to protect the full faith and credit of the United States before November 3 in order to prevent the risk of a first ever U.S. default. We know that a default is not what the American people want. It could shatter retirement savings and send interest rates for mortgages. student loans. credit cards. and car payments soaring. We know that even a threat of default has serious consequences. We have experienced a downgrading in our credit before because our friends on the other side of the aisleRepublicanstook us to the catastrophic brink. And then. of course. we realized that what we did today. Pay China First Act. does not help the American people. If we continue on this pathway. we will impact 1.4 million ActiveDuty troops by not paying our debt. 4.1 million disabled veterans who served their country with honor by not paying our debt. 2.3 million veterans who receive home purchasing assistance by not paying our debt. American small businesses that sell goods and services to the government and most doctors and hospitals that treat the 53.8 million Medicare patients around the country by not paying our debt. We cannot hold the United States hostage or our credit hostage. It is time to address in a fair and reasonable manner the debt of the United States. which is the people of the United States. Get rid of sequester. follow our responsibilities. and pay our bills so that we can help those veterans who need help. Mr. Speaker. once again House Republicans are putting the narrow partisan interests of their rightwing base ahead of addressing the real challenges and problems facing the American people. Congress has only 10 legislative days to act to fully protect the full faith and credit of the United States before November 3. in order to prevent the risk of a firstever U.S. default. A default would shatter retirement savings and send interest rates for mortgages. student loans. credit cards and car payments soaring. We know that even the threat of default has serious consequences: plummeting consumer confidence. and drastic slowdowns in job creation and economic growth. Instead of taking the threat of catastrophic default off the table. this week. Republicans are bringing forward a bill that would give priority to bondholders from China and other foreign nations would be paid first. This bill. more accurately described as the "Pay China First Act." puts payments to Americans at risk. including those to: 1. 1.4 million active duty troops. 2. 4.1 million disabled veterans who served their country with honor. 3. 2.3 million veterans who receive home purchasing assistance. 4. American small businesses that sell goods and services to the government. 5. Doctors and hospitals that treat the 53.8 million Medicare patients around the country. The credit rating of the United States is not a hostage to serve Republicans toxic special interest ideology. Republicans should bring forward a clean bill to honor the full faith and credit of the United States immediately. Mr. Speaker. House Republicans have wasted enormous amount of time on irresponsible. futile. and reckless diversions such as trying to repeal the Affordable Care Act. defund Planned Parenthood. and use the Benghazi Select Committee as an adjunct of the Republican National Committee to engage in partisan attacks on the leading candidate for the 2016 Democratic presidential nomination. Because so much time has been wasted on these frivolous issues. we now have the following critical deadlines staring us in the face: 1. October 29: Highway & Transit Trust Fund expires. endangering good paying jobs and critical construction projects throughout America. 2. November 3: Deadline to raise debt ceiling to protect full faith and credit of the United States. 3. December 11: Deadline to pass a funding bill that keeps the government open. Americans are already paying a heavy price for House Republicans legislative mismanagement. Earlier this summer. Republicans shut down the ExportImport Bank for the first time in its 81year history. The Bank provides critical financing assistanceat no cost to taxpayersto small. medium. and largesized U.S. businesses that helps them create jobs here at home and sell their products overseas. Just two months after the Bank shut down. companies across the country are already feeling negative impacts on their ability to compete in the global marketplace. House Republicans also let the Land and Water Conservation Fund (LWCF) expire on Created in 1965. it is one of the nations most successful conservation programs.