Debt Management and Fiscal Responsibility Act of 2015

Floor Speech

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Ms. KELLY of Illinois. Mr. Chair, my amendment is simple. It merely expands the report the Treasury Secretary must submit per the underlying bill to include an analysis of the economic costs of failing to raise the debt limit, especially with regard to the costs to our Nation's public health and safety.

I agree with my friends on the other side of the aisle that misguided deficit spending poses a serious risk to our Nation's long-term financial stability. It is crucial that we get our fiscal house in order. Simply raising the debt limit without discussing strategic ways to increase revenues and cut costs is unacceptable. Equally unacceptable is not acknowledging the serious short- and long-term costs of failing to raise the debt limit, causing the country to enter into default.

Federal tax dollars fund a variety of programs in every single one of our congressional districts, programs that are essential to the continued well-being of our constituents. Seniors rely on Social Security checks and on Medicare reimbursements. Veterans depend on their much-needed VA benefits. State and municipal police forces receive funding through Department of Justice grants. Our Nation's hospitals receive Federal tax dollars.

It is not an exaggeration to say, if the United States of America defaulted on its loan obligations and if it could not pay its bills for expenses already incurred, the health and safety of its citizens would be put at risk. If America were to enter into default, what would happen? Would the Social Security Administration be able to cut checks? How many Americans would be unable to obtain essential medications? Would the U.S. Customs and Border Protection, the TSA, or State and local police units furlough agents and officers? How many fewer cops would be on the beat to keep our communities safe?

All too often, our debates in Washington about the national debt and deficit are not grounded in reality. We simply analyze economic concepts in the abstract, but our decisions and our debates have real, immediate, and lasting impacts on the daily lives of our constituents.

If we are going to engage in a discussion on the pros and cons of raising the debt ceiling, let's keep in mind the real, on-the-ground consequences that the decisions will have on everyday Americans.

If we are going to require the Treasury Secretary to report on the costs of the growing national debt, let's be fair and require that the report discuss the immediate and lasting costs of failing to raise the debt ceiling on our Nation's public health and safety.

The bill's author, the gentleman from Texas (Mr. Marchant), stated his goal was to have a comprehensive discussion of the debt ceiling. A comprehensive discussion must include not only the long-term costs of continued deficit spending, but the short-term costs of default, as well as its far-reaching ripple effects.

This amendment is one of common sense and is intellectually honest and fair. It would have zero budgetary impact, and it would ensure the report is as meaningful as possible; so I urge my colleagues on both sides of the aisle to support it.

I yield back the balance of my time.

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Ms. KELLY of Illinois. Mr. Chair, I demand a recorded vote.

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