Temporary Debt Limit Extension Act

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 478 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to my friend from New York (Ms. Slaughter), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.

General Leave

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks.

Mr. Speaker, H. Res. 478 provides a closed rule for the consideration of S. 540.

Now, if you heard the Clerk read S. 540, you might not have understood why we were here today. He read it exactly as it is drafted in the title, but we are here today to move a clean debt ceiling.

Now, I won't tell you, Mr. Speaker, that I am excited about being down here today. I am excited to be carrying the rule, because I believe this is the way that regular order ought to operate. But I came here, as you did, Mr. Speaker, and as so many of my colleagues did on the other side of the aisle, to try to move the needle, to try to move the needle on Federal spending, to try to move the needle on the borrowing that is going on from our children and our grandchildren.

We talk so often back home, Mr. Speaker, about raising taxes. In fact, so many folks in this Chamber have signed a pledge to say I will never raise taxes on the American people, and I admire that sentiment. But, Mr. Speaker, when we have a vote to raise the debt ceiling, debt that has to be paid, we are, in effect, raising taxes on the American taxpayer.

Now, it is not a surprise to anyone in this Chamber. I sit on the Budget Committee. Anyone who has looked at the budget understands that we don't have enough revenue to pay our bills.

In fact, Mr. Speaker, I have the great pleasure of being on the Republican Study Committee as chair of their Budget and Spending Task Force. I had an opportunity last year to offer the most conservative budget offered in this Chamber--the most conservative budget offered in this Chamber--and we had to continue borrowing money as far as the eye can see.

When Rand Paul was elected to the United States Senate among much fanfare--lots of conservatives across the country looking to Rand Paul for guidance, and rightfully so--he dropped a budget in the United States Senate, the most conservative budget introduced at that time in Washington, D.C., balanced the budget in 3 years by abolishing agency after agency after agency, sentiments that I happen to agree with wholeheartedly but know that we don't have the votes to achieve, and even that budget required borrowing money from our children and our grandchildren for the next 3 years.

So it is not a happy day that we are here, Mr. Speaker. The happy day, I would argue, was back in August of 2011. I was a young freshman Member, Mr. Speaker. I remember it because it was the kind of vote that you ran for Congress to take. We were here, and the news commentators were back and forth; is it the right deal? Is it the wrong deal? John Boehner and President Barack Obama engaged in debate at the White House night after night after night, and suddenly, a deal was reached.

Now, as has been my experience in my 3 years in this Chamber, Mr. Speaker, the term ``a deal has been reached'' 100 percent of the time means what Rob Woodall wanted didn't happen. It is funny how that works out. I get one voice out of 435, and so when I have to send my Speaker down to the White House and negotiate with not just one President but 100 more Senators, I don't get what I wanted.

But what I did get in August of 2011, Mr. Speaker, was an agreement that, if we raised the debt ceiling, if we agreed to further encumber our children and our grandchildren, as everyone in this Chamber knows that the current laws of the books require us to do, we would take a step, a $2 trillion step to try to make sure that we didn't have to raise the debt ceiling again.

It didn't contain what anybody thought was the 100 percent right plan, Mr. Speaker, but it was a proposal that we could come together around--not just we Republicans; not we, the House of Representatives; not we, Capitol Hill, with the Senate; but we, the elected representatives of the American people, from the White House to the U.S. House to the United States Senate.

We have come 2\1/2\ years, Mr. Speaker, and we have done some amazing things. I created No Budget, No Pay last year, for example, Mr. Speaker, which attached an increase in the debt ceiling to the requirement that we pass a budget out of this House and that they pass a budget out of the Senate, allowing us to come together to produce the first budget this institution has seen since I have been elected to the Congress, the first one. Not the first House-passed budget--we do that every year; it is our responsibility; of course we do--but the first one with which we found agreement with the Senate and received a Presidential signature.

Mr. Speaker, the debt limit is a constant reminder of the imbalance of America's taxing and spending. We have a spending problem in this Nation. Everyone in this Chamber knows it. And the debt ceiling is an opportunity for us to come together and find solutions.

And try as hard as he might, Mr. Speaker, when the Speaker of this United States House dug deep to try to find those answers, he could find none. Not that there were no answers out there--of course there are--but there were not answers out there that could receive the approval of this body, the approval of the Senate, and the signature of the President.

I have to ask why, because there is not a man or woman who is going to come into this Chamber today who does not know that we need to take steps to address the problem. And dadgummit, Mr. Speaker, there is not a man or woman in this Chamber who doesn't know we have the ability to do it, because we have done it before--not 100 years ago, not 50 years ago, but just 3 years ago, with largely the same folks that are here today.

That is not what this rule is bringing to the Floor today, but what it is bringing to the Floor is a clean debt ceiling resolution. This should be a day on which we are coming together around solutions to that longer-term spending problem, but we find ourselves here today simply trying to bring America back from an economic brink the likes of which not a single Member of this Chamber wants America to see.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I would mention to my friend from New York that if she has no further requests for time, I am prepared to close.

Mr. Speaker, I yield myself such time as I may consume.

I am one of those Members the gentlelady from New York referenced, one of those Members who voted in favor of an appropriations bill that funds the government for this year. In fact, I have voted for the House-passed budget and the Republican Study Committee budget in each and every year that I have been in this institution. What is unique about those votes, Mr. Speaker, is they absolutely understand that we are going to have to spend money that we don't have, but they take steps to make the problem better instead of worse.

I want to take issue with what my friend from New York said about a raising of the debt ceiling with absolutely no strings attached as being the responsible thing to do. It is absolutely not. It is the worst-case scenario.

Now, I am going to have colleagues on the floor today, Mr. Speaker, who are petrified of what happens if we don't do this today. They are petrified that even though we know we can come together and find a solution forward, find a solution that makes the problem better instead of worse, they are petrified that they do not have a willing partner in the President or with the Senate. So unless they vote to pass this bill today, America faces default, and that is an awful box, an awful box that my friends have painted.

I want to read a few quotes, Mr. Speaker. I think words matter. This is from 2006, as a young Senator Barack Obama faced a debt limit increase in the United States Senate, and he said this--and I just want to point out, because my friend from New York talked about the obviousness of this vote, how clearly this is the right thing to do, just to raise the debt ceiling to whatever amount folks would like.

Here is what Senator Barack Obama said in 2006. He said: The fact that we are even here today to debate raising America's debt limit is a sign of leadership failure. Leadership means the buck stops here. Instead, Washington is shifting the burdens of bad choices today onto the backs of our children and grandchildren.

Then-Senator Barack Obama goes on, Mr. Speaker. He said: America has a debt problem and a failure of leadership. America deserves better. Therefore, I intend to oppose this effort to increase America's debt limit.

I don't have to say it very often, Mr. Speaker, but when the President is right, he is right. This was an opportunity to come together and one that we searched for, searched for.

There is not a man or woman in this town who wants to find a path forward more than our Speaker, John Boehner, does. There is no one who has sweated to find that opportunity more than our Speaker has. Yet without a willing partner in the White House or the Senate, it can't happen.

The same here, Mr. Speaker, 2006. Then-Senator Joe Biden says this: The President's budget plans will bring our debt to $11.8 trillion at the end of the next 5 years. This is a record of utter disregard for our Nation's financial future.

Mr. Speaker, $11.8 trillion is what Joe Biden was concerned about. That number reached $16 trillion within that same time period.

He goes on: It is a record of indifference to the price our children and grandchildren will pay to redeem our debt when it comes due. History will not judge this record kindly. My vote against the debt limit increase cannot change the fact that we have incurred this debt already and will, no doubt, incur more. It is a statement that I refuse to be associated with, the policies that brought us to this point.

Mr. Speaker, 2010, then-Chairman of the Joint Chiefs of Staff Admiral Mike Mullen said this: Our national debt is our biggest national security threat. Not terrorism, not al Qaeda, not a rogue nation, but our debt.

Mr. Speaker, it is hard to deal with our debt. If it was easy, we wouldn't have the debt to begin with. It is hard, but I have seen us come together to fix it before. A $2 trillion worth of difference we came together to make 3 years ago, not even. Yet today, we find ourselves unable to find that path.

Mr. Speaker, with the indulgence of my friend from New York--I would very much appreciate it--I yield 2 minutes to the gentleman from Texas (Mr. Barton).

I thank my friend from New York.

I thank the gentleman. And again, I thank the gentlelady from New York as well.

Mr. Speaker, we don't have these opportunities very often. I would posit to my colleagues that if really the right answer is to pass clean debt ceilings whenever the debt needs to be increased, I would wonder why it is we don't just repeal the debt ceiling altogether. If this isn't a moment for us to come together, if this isn't a moment for us to do those things that have to be done, if this isn't a moment that focuses like a laser the American people on what the consequences are of the decisions we make today, I don't know what would be. This is our best opportunity.

I could not be more grateful to my friends on the other side of the aisle, Mr. Speaker, for coming together to make some of those things possible. In fact, that great day in August of 2011 that I talk about, that wasn't possible with Republican votes. Turning the dial on spending to the tune of $2 trillion, that wasn't possible with just Republican votes. That was a bipartisan effort. That was a collaborative effort that makes a difference for our children and our grandchildren, and it is one of which I hope we are both proud.

The men and women who are going to come to the floor of the House today to cast their vote are all going to be men and women who are deeply concerned about the future of this country. Now, some of those men and women are going to look into their hearts, and they are going to look at what default would mean to the Nation. They are going to believe earnestly that because we cannot find a partner in the Senate or in the White House to negotiate on solving the problem, that the only step left to take is either to default or not, and with a heavy heart, they are going to vote to raise the debt ceiling.

There are other men and women in this body, Mr. Speaker, who are going to come to the floor today for this vote, and they are going to say, Default is a terrible, terrible, terrible even threat to make, but if we do not find a way to curb the growth of Federal spending, default is not a question of if; it is a question of when. It is a question of when.

There is not a budget in Washington, D.C., that stops the borrowing next year or 2 years from now or even 10 years from now. There is not one, and the most conservative budgets we have don't have enough votes to pass. If not today, when?

Now, I think the votes have been counted. The decisions have been made, Mr. Speaker. Folks have been grappling with this issue in their hearts and with their constituents. Mr. Speaker, I plead with you to play that role in this debate so that when this decision confronts us again--not if, but when--we take advantage of that to do the hard things that must be done.

I say to my friends on the other side of the aisle--and I know I speak for a large plurality of our Members on this side of the aisle-- challenge me to do those things that are hard. Give me that vote to take that so enrages the right flank that I get sent home in the next primary, but I had a chance to do something that mattered while I was here.

Folks didn't leave their families to come and just cast a ballot to keep things going on the way they are going on, Mr. Speaker. They came from both sides of the aisle to make a difference. The path that we are on with spending and revenue is a path that is unsustainable to the tune of $17.3 trillion today and a path that is unsustainable to the tune of hundreds of trillions of dollars tomorrow.

The economic demise of this country on that path is not if, but when, but we have the ability right here in this Chamber to make that difference. We have the ability right here in this Chamber to look our children and our grandchildren in the eye and say, When I had that voting card for that brief time, I did everything I did to make a difference.

We have been on a streak here, Mr. Speaker, of coming together in surprising ways to achieve things that I thought could not be done. I hope we make deficit reduction in this next budget cycle that same bipartisan priority. I believe we can surprise even ourselves with the amount that can be accomplished.

With that, Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, pursuant to House Resolution 478, I call up the bill (S. 540) to designate the Air Route Traffic Control Center located in Nashua, New Hampshire, as the ``Patricia Clark Boston Air Route Traffic Control Center,'' and ask for its immediate consideration.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and to include extraneous material on S. 540.

Mr. Speaker, I yield myself such time as I may consume.

The last time I stood on the floor to talk about a ``clean'' debt limit increase, I did so to prove that we could do better. It was an effort to implore my Democrat colleagues in the House and the Senate to heed the warnings of the President's own fiscal commission, also known as the Simpson-Bowles Commission, which clearly noted how our economy and hardworking taxpayers would suffer under the mountain of debt Washington was racking up.

My position is unchanged. I remain as committed as ever to grappling with our debt; to making the tough decisions to reform, improve, strengthen, and protect our entitlement programs; and, most importantly, to getting this economy back on track so hardworking taxpayers start seeing their pay go up and those in need of a job can find one. In fact, that work is underway at the Ways and Means Committee where we posted for public comment bipartisan proposals to reform Medicare and Social Security so that they are viable for seniors and taxpayers, not only today but well into the future.

Regrettably, over the last 3 years, Democrats have hardened their position. The President, Senate Democrats, and House Democrats will not even entertain a discussion--let alone a negotiation--over what reforms we can make along with a debt limit increase. They have become unyielding. Democrats are totally adamant: extend the debt limit or default. That is the position of today's Democrat Party: don't negotiate, don't reach out across the aisle, ignore the past, which clearly shows the debt limit typically passes with other reforms.

Mr. Speaker, I remember serving when Bill Clinton was President. Those were different times. Despite our different opinions, we were able to find common solutions for the American people. We balanced the budget, reformed our Nation's welfare laws, and helped break the cycle of dependency by placing an emphasis on work. Today, Democrats openly cheer that their health care law will lead to less work.

Well, Mr. Speaker, I am disappointed the Democrats have walked away from the table, and I am disappointed we are not engaged in a more serious debate today. But as disappointed as I am, I cannot, in good conscience, let the Democrats' refusal to engage lead to a default. For that reason, and that reason alone, I will vote ``yes'' today.

But today's legislation is hardly a solution to our looming debt crisis. That is why the Ways and Means Committee will continue to carefully review and advance policies that not only reform our entitlement programs, providing greater protection for seniors and greater savings for hardworking taxpayers, but also policies that will create a stronger economy with more jobs and higher wages for workers. It is only through a combination of such policies that we can truly solve this problem.

I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

The Budget Control Act was signed into law on August 2. On August 5, Standard & Poor's downgraded the United States credit rating and did so because:

The downgrade reflects our opinion that the fiscal

consolidation plan that Congress and the President recently

agreed to falls short of what, in our view, would be

necessary to stabilize the government's medium-term debt

dynamics.

There have been some speakers who have come to this floor who said we were downgraded because of brinksmanship. We were downgraded because there were those of us who wanted to see some approach to fiscal responsibility in our debt limit negotiations.

Clearly, that is revisionist history, and the facts bear out. Standard &

Poor's own quote was it was because we didn't go far enough, not because we tried to address our medium term and long-term debt.

So this reinforces my point. We can't be satisfied with just increasing the debt limit. I realize that is where we are today, and as I have said, I will vote for this legislation, but as another speaker has said, they have viewed this as nonnegotiable, and what we really need to do is reach across the aisle and work together to find long- term solutions to both our medium term and long-term debt obligations so that these programs, like Medicare and Social Security, these valuable programs that serve many of our citizens, are not only viable and there today, but there well into the future.

I reserve the balance of my time.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

I point out to my friends on the other side that, in recent memory, there have been seven instances where debt limits were part of other major pieces

of legislation. For example, in the first Bush administration, there was a Balanced Budget and Emergency Deficit Act; in the Clinton administration, there was the Reconciliations Act, as well as the Contract with America Advancement Act; in the Obama administration, there was stimulus, Pay-As-You-Go, Budget Control Act. This has happened seven times in recent history.

What is different? Why can't it happen now? Well, the difference is that you had both parties willing to come together and negotiate major pieces of legislation that would help to address the short-term, medium-term, and long-term drivers of our debt. What we have now is a very open admission that it is absolutely nonnegotiable. There is a straight increase in the debt limit without any legislation, even though this happened seven times in the past.

So I would just say that debt limit increases are often parts of larger pieces of legislation and it would not be unusual. And it is, I think, a sad day when the other side has a take-it-or-leave-it approach and is unwilling to come together with the Republicans to find a way to bring other legislation to the floor that will help address the drivers of our debt.

I reserve the balance of my time.

I have no further speakers. I am prepared to close.

Mr. Speaker, I yield myself such time as I may consume.

We have heard a lot of talk about how our Nation must pay its bills. But one major reason we are in this position is an unpaid for trillion- dollar stimulus bill that did not increase economic growth, did not create jobs, and simply added to our debt.

I know there are some on the other side who want to keep on spending no matter what the impact is on our credit rating. While I believe that we must increase our debt limit, I am clearly not satisfied that there are no provisions that would help us address the long-term drivers of this debt.

But I will say that it is disappointing the Democrats have walked away from the table. It is disappointing that we are not engaged in a more serious debate today, a debate about policy and how we reign in what really has become runaway debt.

But as I have said, as disappointed as I am in that, I cannot in good conscience let the Democrats' refusal to engage lead to a default. I will vote ``yes'' on this legislation today. But it is hardly a solution to our looming debt crisis. That is why the Ways and Means Committee will continue to move forward on reforming Medicare and Social Security, as we have, with bipartisan proposals that are in legislative form, published for the public to view on our Web site.

We will move forward on tax reform, one that will help grow our economy, create jobs, and help address our debt crisis by a stronger, more vibrant economy that will provide opportunities for individuals to get work, increase their wages, and provide for themselves and their families.

I hope that Democrats will join me in these efforts. I believe it is only through a combination of those policies can we really get to the true solutions to this very significant problem facing our country. While this is a short-term solution to prevent what I think is essential that we do prevent, a default, it is not enough. As I have said, there is so much more to do.

With that, I yield back the balance of my time.

Mr. Speaker, I yield myself as much time as I may consume.

I thank the gentleman from Michigan, the chairman of the Ways and Means Committee, for his responsible commitment to vote for this bill today. I wish I could say that a majority of his party was going to be responsible and vote for this bill today, but I cannot.

First, I am pleased that the Republican Party seems to be shedding at least part of its extremist Tea Party ideology in the prevailing belief of holding the Nation hostage to meet the whims of a select few.

Now, I would just like to take a moment to explain what the House is and is not voting on today. We are voting today to ensure that our country can pay the bills we have already incurred--not new bills, old bills, so that Social Security checks can continue to be mailed, so that doctors serving Medicare patients will be reimbursed for their services, so that veterans' pensions and compensation will be paid out, and so income tax refund checks will continue to be processed and paid out.

What we are not voting for--what we are not voting for--we are not voting for a bill to spend money. Our Republican colleagues will argue that this bill allows the Federal Government to continue to borrow and, therefore, spend more money. They say tax revenues come in and even more goes out in spending for government services and programs, services and programs that we all agree benefit our mutual constituents.

So what is the alternative the Republicans would offer instead? My Republican colleagues would offer default, because not supporting this bill would mean you support default and defaulting on our Nation's debt. Default would mean taxpayer dollars would still come into the government. We would still collect. The IRS would still collect taxes, but no money would go out. There would be no services or programs that benefit our constituents; they would be shut down.

Do you all remember how angry the country was during the Republican shutdown of our government when military death benefits were not paid? That would only be magnified under a default led by the Republican side of the aisle. Not only would there be no death benefits, there would be no veterans' benefits at all, and no money for VA hospitals, doctors, and nurses. And a default wouldn't just affect our military and our veterans. There would be no funds for food inspectors, no Pell grants, no air traffic controllers or any other government service because of the default.

Let's be clear. If you liked the Republican-engineered shutdown of our government, you will love the default the Republicans who would vote ``no'' today would perpetuate on the American public.

This is a debt that the Republican caucus helped create. You own a portion of this debt. The American people are watching this vote. They are confounded, once again, that the majority of the majority will vote to default. The overwhelming majority of the minority will vote not to default. I ask the American people, which party is the responsible party? The answer is clear. The Democratic Party will be responsible today. We will vote overwhelmingly for this bill not to default on our Nation's debt, not to raise interest rates on our constituents, and not to raise the cost of money for the government to borrow, either.

I yield as much time as the gentleman from Massachusetts (Mr. Neal) may consume.

I am pleased to yield 1 minute to the gentlelady from California, Nancy Pelosi, the leader of the Democratic Caucus in the House.

Mr. Speaker, I would inquire as to the time remaining on both sides.

Mr. Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Levin), the ranking member of the Ways and Means Committee.

(Mr. LEVIN asked and was given permission to revise and extend his remarks.)

Mr. Speaker, I yield 3 minutes to the gentleman from Maryland (Mr. Hoyer), the minority whip.

I yield an additional 3 minutes to the gentleman.

I yield an additional 30 seconds to the gentleman.

Mr. Speaker, I yield 2 minutes to the gentlewoman from California (Ms. Waters), ranking member of the Financial Services Committee

Mr. Speaker, I yield 2 minutes to the gentleman from California (Mr. Honda).

Mr. Speaker, I yield 2 minutes to the gentlewoman from Texas (Ms. Jackson Lee).

Does the gentleman from Michigan have any additional speakers?

Mr. Speaker, I am prepared to close as well, and I yield myself such time as I may consume.

In closing, I appreciate all of my colleagues coming down to the floor this afternoon to speak in favor of this proposed bill.

I do think it is noteworthy to point out that only the gentleman from Michigan has come down to speak on behalf of the majority today and ably, I should say, he is voting for this bill, and I appreciate his support. But I notice that no one took time in opposition on the other side of the aisle. Maybe they just don't really care as much about this issue as we thought they did.

But the reality is, as I have said before, every vote against this bill is a vote for default. The Republican colleagues have an answer for that. They have a plan. They intend to default some day so they have a plan. They

have a bill they call the Full Faith and Credit Act. We call it the ``Pay China First Act'' because what it does is it says, in the event of a default, we will pay those people who own our bonds, we will pay foreign governments first, and everyone else gets put down to the bottom of the barrel. But they have a plan; the Republicans have a plan in the case that we default.

Let me say, Mr. Speaker, I think it is totally irresponsible to even have had a debate on this floor on a bill that would determine the payments of our debt in lieu of default. I think it is irresponsible. The fact that we have had this man-made brinkmanship is irresponsible. Once again, the Republican Party and their caucus is showing that they are not responsible enough to be ruling and to be governing here in the House of Representatives.

Mr. Speaker, with that, I yield back the balance of my time.

Mr. Speaker, I thank the gentleman for yielding. I thank him for his leadership on this important issue to him. To Mr. Levin and members of the Ways and Means Committee, thank you for making clear what the stakes are in this vote on the floor today.

Mr. Speaker, the 14th Amendment of our Constitution declares:

The validity of the public debt of the United States, authorized by law, shall not be questioned.

That has always been the standard upheld and advocated by House Democrats.

In each of my conversations with Speaker Boehner, I have conveyed the unwavering support of the House Democratic Caucus for a clean bill to lift the debt ceiling. That means no goodies for one side or the other. There is nothing you could add to it that would say, Okay, since it is something I like, then I don't mind if it isn't clean. I said to the Speaker, Even if you added something that I cared about a great deal, that our Caucus cared about a great deal, that does not make it right because the full faith and credit should be unquestioned, and it is not negotiable.

I thank the Speaker for giving us this opportunity. This is really important to bring legislation to the floor that is consistent with the intent of the Constitution and with the best interests of the American people. Well, I tell you this, we have heard from all kinds of leaders of finance, from the boardroom to the kitchen table. The boardroom tells us, the conference table then writes to us and says, We urge you to again take the necessary steps to preserve our Nation's financial standing in the world and help ensure that the American recovery continues in its current path toward restored prosperity by the uncertainty as to whether or not we will incur an historic default in raising the debt ceiling.

I wish to submit the full letter to the Record with the signatories who represent the captains of industry and finance in our country.

More important than that, as important as that is, our global standing in the world, more important to each and every person in our country is what Mr. Neal spelled out: what this means to you. If you are a consumer with a credit card, if we did not take this action today, interest rates could skyrocket, making it harder for families to get loans, and for small businesses to invest, spend and hire. Again, on your kitchen table as you pay the bills each month, you would have higher interest rates for your mortgage, your car payments, your student loans, and your credit card bills. Higher interest rates once again on small business loans that are used to pay employees or expand business. Significant blows would come to 401(k)s as a result of the stock market reaction to our not lifting the debt ceiling. Credit markets could freeze. The value of the dollar would be negatively impacted.

So there is a great deal at stake in this vote today. Again, at the time when we have to lift the debt ceiling, it is appropriate to have a discussion of spending priorities, of budgets that should be a statement of our values; but there should be no question that those debates would be something that would not just be a debate, but be a barrier to lifting the debt ceiling. That is why I am grateful to the Speaker and the Republican leadership for giving this House this opportunity to act in a way that is consistent with the Constitution.

When this measure passes today, Congress will state unequivocally that the full faith and credit of the United States of America is not in doubt. I thank my Democratic colleagues for never wavering from this position and standing firm on behalf of all Americans. I thank once again the Speaker for giving us this opportunity to associate ourselves and support the Constitution and the American people.

January 30, 2014.

Dear Members of Congress, The undersigned associations

representing a broad swath of the nation's business community

and sectors serving tens of millions customers, businesses

and investors, respectfully urge you to raise the federal

debt limit without delay.

While we firmly believe that the time is long overdue for

the Administration and the Congress to come together and

develop long-term solutions to our very real fiscal

challenges, defaulting on the nation's debt obligations

should not be an option for policymakers to consider. Should

the President and Congress fail to work together and raise

the debt limit in a timely fashion, the Treasury will be

unable to meet government obligations coming due which would

trigger a series of events that would inevitably lead to

American taxpayers paying more to finance our debt. Even a

short-term failure to fulfill our obligations would seriously

impair market operations and could have significant

consequences to our fragile economic recovery. When Congress

last debated this matter in the fall of 2013, markets clearly

signaled the potential negative affects through increased

interest rates and weakened investor demand for U.S. assets.

We urge you to again take the necessary steps to preserve

our nation's financial standing in the world and help ensure

that the American economy continues on its current path

toward restored prosperity by eliminating the uncertainty as

to whether or not we will incur an historic default and

raising the debt ceiling.

Thank you for considering our urgent request. We look

forward to working with you to advance this and other

critical legislation.

Signed,

American Bankers Association, American Insurance

Association, U S Chamber of Commerce, Consumer Bankers

Association, Financial Services Forum, Financial Services

Roundtable, Independent Community Bankers of America,

Investment Company Institute, Securities Industry and

Financial Markets Association.

Mr. Speaker, I thank the gentleman from New York and I thank the gentleman from Michigan.

Let me start by saying this issue ought not to be subject to debate. America, the greatest land on the face of the Earth, and one of the most successful economic countries in history, ought to pay its bills. I can't believe there is any American who thinks that America should or would welch on that which it owes. That is not a very sophisticated argument. I can make a more sophisticated argument, but when it comes down to it, that is the issue: will America pay its bills? Will it give confidence to the investor community? Will it give confidence to the business community? Will it give confidence to our own citizens? Indeed, will we give confidence to the world that the world's leader can manage its own affairs responsibly?

I want to join Leader Pelosi in congratulating the Speaker for bringing this bill to the floor. He brings it to the floor because he knows, as I have just said, there is no alternative for America but to pay its bills. He brings it to the floor because he knows that if he doesn't, the business community is going to think that the majority party in this House cannot manage the affairs of the United States of America in a responsible fashion. Lamentably, he brings it to the floor, apparently, with some doubts as to whether or not those who have elected him Speaker will follow him in taking a responsible path.

My presumption is, although I don't know, is that the gentleman who chairs the Ways and Means Committee will vote for this. My presumption is Mr. Cantor, the majority leader, will vote for this. My presumption is that Speaker Boehner will vote for this. My presumption is based upon the fact that they have represented that there is not an alternative that is a responsible one.

I doubt that there are many people on this floor who have urged us to pursue a big deal more than I have. I voted against the last budget agreement, otherwise known as Ryan-Murray, because I thought it was too small and did not move us toward fiscal responsibility and sustainability in the magnitude that it should have.

Having said that, however, there is no alternative to pay the bills that we have incurred, that the House, the Senate, and the President on behalf of the American people have incurred, and because we are a great Nation, we will certainly not welch on our debts.

So we come to this time with not many people on the floor, although we have demagogued this issue in the past. We, both sides. Let's be clear. On our side, we said that the Republicans cut revenues; therefore, they were responsible for the debt. On their side, they say Democrats spent money and invested money; and, therefore, they are responsible for the debt.

The fact of the matter is we were all responsible for the debt. The fact of the matter is under the Reagan administration, when I came to Congress, we substantially increased the national debt, and we could only do so with Ronald Reagan's signature. Then under George Bush the first, we substantially increased the debt. We could only do so with George Bush's signature. Under Bill Clinton, we brought the debt down for 4 years running, and we ran surpluses for the next 4. Of course, Republicans were in the House and in charge for 6 years. So it was a team effort, if you will, and we had a budget surplus.

Then in the second Bush administration, we substantially increased the budget deficit. We had two wars, and we paid for none; trillion dollar-plus in additional deficit, many trillions over time.

So, my friends, we come to the floor today to do the only responsible alternative available to us, but that does not mean that anybody who votes for this believes that it is not critically important for us to have America on a fiscally sustainable path.

The Business Roundtable has urged us to pass this bill. As Leader Pelosi quoted, the Chamber of Commerce said not to do so will put our country and our economy at risk. Yet, I fear there are going to be apparently a significant number of people who will come and vote ``no,'' vote ``no'' on paying America's bills; vote ``no'' on giving confidence to the international community that America is in fact able to manage its affairs.

There ought to be no debate, as I said, when it comes to making sure that we pay our bills on time, the bills Congress has incurred. As I said, the Business Roundtable was quoted as saying:

Urgent action is required on the part of Congress in order

to prevent a default.

In fact, they said if we defaulted, every American, all 315-plus million, would feel the negative effects. Why would anybody vote against such a bill?

I will conclude because my friend is running out of time. This is not a partisan vote and should not be viewed as such. Republicans and Democrats have voted to protect the American people, provide for the national defense, and provide for the general welfare of our country pursuant to our constitutional responsibilities. Having done so, there is no responsible alternative but to pay our bills. That is what this vote is about. Let's show the courage, the wisdom, the common sense to do just that. Vote ``yes.''