Default Prevention Act

Floor Speech

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Ms. BONAMICI. Madam Speaker, Congress should be discussing how to pay its obligations in a responsible manner, which is why I will oppose H.R. 692. This legislation would irresponsibly result in the payment of some obligations but not others. Importantly, this bill could result in payments going to China, but not to active-duty military, veterans, national security, and other important obligations.

Instead of spending time on H.R. 692, which is likely to be vetoed, Congress should be working to raise the debt ceiling in a way that will prevent a default. Raising the debt ceiling permits payment of obligations already incurred. If we are unable to raise the debt ceiling by November 3rd, the Treasury will not be able to meet its obligations and the nation's credit rating would be in peril. The result would be devastating to our economic recovery.

We can quickly put an end to this unnecessary crisis and the uncertainty it creates. Members of Congress can and must work together to prevent the United States from a catastrophic default, starting with a responsible approach to debt payment. Again, I urge my colleagues to join me in voting no on H.R. 692.

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