Default Prevention Act
Floor Speech
BREAK IN TRANSCRIPT
I want to thank my friend from California (Mr. McClintock) for bringing this bill forward.
Madam Speaker, the Default Prevention Act takes off the table the ability for any President to use the debt ceiling as an opportunity to threaten default on the credit of the United States of America.
If you think about this, we are talking about whether or not the United States is going to pay its bills. This should be something that the President--any President--should understand as a basic responsibility of his duty in office whether or not Congress can come to an agreement with the President on the debt ceiling, which, by the way, should be something the Speaker, the majority leader, and the President are directly engaged in.
The fact that the President walked away from talks on negotiations on the debt ceiling tells you that he is not taking this in the serious way that he should. In fact, it also proves that the President wants to use the debt ceiling to threaten the default of the United States. That is irresponsible of any President. No President should have the option of defaulting or of even threatening default, and this bill takes default off the table as an option.
Now, why would the President be opposed to that?
I think it answers itself, Madam Speaker, because the President wants to threaten default and have that as a political weapon to try to scare the markets and to try to scare our seniors, who, by the way, are the largest holders of debt. Seniors shouldn't have to worry about whether or not that debt would be paid. Any creditor shouldn't be worried.
If the United States is going to borrow money, we should first focus on getting to a balanced budget, which this President is opposed to. Once we get to a balanced budget, we should also be focused on making sure we are paying the debts that were incurred.
The fact that the President wants to threaten default as an option shouldn't be available. This bill takes default off the table, and it makes the focus really clear that the United States is going to live within its means, uphold its obligations, and then go and focus on attacking the real root problems that got us into this debt in the first place.
I urge all of my colleagues to vote for this piece of legislation. Let's send it over to the Senate, where they should pass it on to the President.
BREAK IN TRANSCRIPT
Source