Default Prevention Act

Floor Speech

Mr. DANNY K. DAVIS of Illinois. Madam Speaker, I rise in strong
opposition to the Pay China First Act. I am truly shocked that the
Republican leadership is advancing a bill that approves America
defaulting on its debt.

This is a dangerous action that jeopardizes the full faith and credit
of our Nation. It also jeopardizes the well-being of millions of our
most vulnerable citizens.

I cannot support a bill that would tell my constituents that repaying
our debt to foreign countries is more important than paying their
salaries for military service or paying their disability benefits or
providing them student loans.

How can I tell small businesses in Illinois that repaying our debt to
a foreign government is more important than paying them for providing
goods and services to our government? How can I tell Illinois doctors
and hospitals that we can pay China for lending us money, but we cannot
pay them for taking care of our elderly?

The Council of Economic Advisers estimated that the 2013 debt limit
standoff and shutdown cost us 120,000 jobs, and the GAO estimated that
it resulted in $70 million in increased borrowing cost on securities
issued during the last crisis.

The 2013 debt limit fiasco already damaged our economic recovery, yet
the Republican leadership insists yet again on a path to harm our
national economy and well-being simply for political posturing.
I urge my colleagues to oppose this shameful bill that says that debt
to foreign countries is more important than our citizens.
We should protect our economy. Pass a clean bill to raise our debt
ceiling.

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