Debt Management and Fiscal Responsibility Act of 2015

Floor Speech

BREAK IN TRANSCRIPT

Mr. McCLINTOCK. Mr. Chairman, the law that established the Treasury Department already instructs it to manage the revenue to support the public credit. This already includes prioritizing payments to assure the national debt is always honored, as the Constitution commands. Without this, a stalemate on the debt could endanger the Nation's credit.

Well, during recent debates over raising the debt limit, the Treasury Department denied that it can prioritize to preserve the Nation's credit. Thanks to the Financial Services Committee's investigation, we now know this was a deliberate and calculated lie told to increase pressure on Congress. Emails revealed that Federal Reserve officials were incredulous and appalled that the administration would make such statements because they ran a severe risk of panicking credit markets.

This amendment simply requires that, when we approach the debt limit, the Treasury Department tells Congress and the public what it is actually preparing to do to assure this Nation's creditors that their loans to this government are completely secure.

BREAK IN TRANSCRIPT

Source