To designate the facility of the United States Postal Service located at 801 West Eastport Street in Iuka, Mississippi, as the "Sergeant Jason W. Vaughn Post Office".

I thank the gentlelady very much.

Last night, the Democrats were here waiting while the Republicans could not get their own conference together. If any of you were watching the national news, it was not because we were not ready to vote and to move forward on a compromise. It was because those who believe they had a landslide victory are still talking about elections instead of talking about the American people.

This is the worst bill that any American could ever imagine in the history of this Nation. I tell you that because this bill will in fact default the American Government in 6 months, and it will not adhere to the Constitution, which says the Declaration is the promise and the Constitution is the fulfillment.

We actually have the authority, Mr. President, under the 14th Amendment

to raise the debt ceiling by way of acknowledging that the public debt should always be recognized. But in this particular legislation, in 6 months if we do not cut by $1.6 trillion and pass a balanced budget amendment, the Nation will default.

And the balanced budget amendment is not by a majority. It is 60 percent of this Congress will stop the American people from receiving their just due. We will not have Social Security. We will not have Medicaid. We will not have Medicare. In actuality, the mandate will cause us to support the Republican Study budget, which is $9 trillion in cuts, 70 percent of discretionary funding. That means all of your Medicare, all of your Medicaid, all of your Social Security.

Madam Speaker, I ask the American people to call in and say, stop the madness and compromise. Do what is right. Mr. President, if not, raise the debt ceiling under the Constitution. You have the authority.

Madam Speaker, I rise today in opposition to the ``Budget Control Act of 2011,'' which, like the previous debt-ceiling bills introduced by my colleagues on the other side of the aisle, attempts to resolve our budget ceiling crisis by demanding sharp cuts to domestic programs that ask average Americans to make life-changing sacrifices while not asking America's wealthiest individuals and most profitable corporations to contribute their fair share.

In my lifetime, I have never seen such a concerted effort to ransom the American economy in order to extort the American public. While I support bipartisan efforts to increase the debt limit and to resolve our differences over budgetary revenue and spending issues, I cannot support a bill that unduly robs average Americans of their economic security and ability to provide for their families while constraining the ability of Congress to deal effectively with America's economic, fiscal, and job creation troubles.

The Budget Control Act of 2011 cuts $22 billion from the Federal Budget for FY2012. Robert McIntyre, of Citizens for Tax Justice testified before the Senate Budget Committee that tax loopholes for corporations, big business owners and business investors cost the Treasury Department $365 billion in FY2011.

We need to change the tone here in Congress. Federal Reserve Chairman Ben Bernanke said it best when he stated in a recently before the House Committee on Financial Services. ``We really don't want to just cut, cut, cut,'' Chairman Bernanke further stated ``You need to be a little bit cautious about sharp cuts in the very near term because of the potential impact on the recovery. That doesn't at all preclude--in fact, I believe it's entirely consistent with--a longer-term program that will bring our budget into a sustainable position.''

The Boehner plan does just that it will cut, cut, cut without taking into full consideration the serious cuts to Social Security, Medicare, and Medicaid. This bill is essentially a rehashed version of the same bill that President Obama promised to veto and the Senate vowed to reject. It asks for $917 billion in cuts from domestic spending for a $900 billion increase in the debt ceiling, while demanding nothing in revenue from the nation's wealthiest. This is nothing more than a ransom note, irresponsibly raising the debt ceiling for only a few months so that in just a short period of time, the American public will be hit again for $1.6 trillion in cuts from Social Security, Medicare, Medicaid, and veterans benefits. Anyone who believes that this plan will not result in a serious cut to Social Security should consider this . . . Social Security represents 20 percent of all federal spending, making it unrealistic to think such large cuts in mandatory spending will not affect Social Security benefits.

I state here today that the Boehner proposal is ill-conceived and fails to offer a balanced approach to decreasing the deficit. Instead of requiring shared sacrifice, the Boehner plan places the entire burden on the backs of seniors, the middle class and our nation's most vulnerable citizens, while doing nothing to close corporate tax giveaways and increase taxes on those most able to afford them.

The Boehner plan calls for large cuts in discretionary programs of $1.2 trillion over the next 10 years through strict new spending caps. Most experts predict that the first round of cuts would target discretionary programs, including education, infrastructure, job training and law enforcement. The Boehner plan would then require an additional $1.8 trillion in savings to be identified by the end of the year as a condition for raising the debt ceiling again at that time. Given the magnitude of these additional required savings, it would result in deep draconian cuts in federal entitlement programs such as Social Security, Medicare and Medicaid. A repeal of health reform's coverage expansions. And a dramatic reduction in safety net programs for vulnerable Americans, such as food stamps and unemployment and disability insurance. This is unacceptable, and each is avoidable if corporations and the wealthy are required to shoulder a fair share of this burden.

The Speaker's plan requires a vote on an ill-advised constitutional balanced budget amendment in both chambers of Congress by the end of this year. The details surrounding exactly which proposed constitutional balanced budget amendment will be voted on are unclear. However, earlier proposals that have appeared in the House of Representatives, including H.J. Res. 1, would have a devastating impact on discretionary spending and on our modest economic recovery.

Passing an amendment to the Constitution is one of the most serious processes the United States Congress can undertake, requiring a two thirds supermajority of support in both the House and Senate and ratification by three fourths (\3/4\) of the States. The Founders purposely made the amendment process a long and arduous one. Do my Republican colleagues really expect Congress to capriciously pass an amendment altering our nation's founding document on such short notice; an amendment that will fundamentally change our country without reasonable time for debate; without the opportunity for a hearing or questioning of witnesses; without any reports as to what impact it may have?

By tying the fate of whether the United States pays its debt obligations to the historically prolonged Constitutional amendment process, the Republicans who support this bill have demonstrated, at this critical juncture in American history, that they are profoundly irresponsible when it comes to the integrity of our economy and utterly bereft of sensible solutions for fixing it.

The Speaker's plan will result in for $2.7 trillion in deficit reduction and a $2.5 trillion increase in the debt limit in two stages, with the two debt ceiling increases being conditioned upon enactment of an initial set of spending, cuts and a later, second deficit reduction measure.

I do not believe that Congress should yield its authority to what amounts to a Commission. Boehner's plan creates a 12-member joint congressional committee to develop a plan for an additional $1.8 trillion in deficit reduction that Congress would vote on in December. In addition the Speaker's plan authorizes the president ito submit a $900 billion increase in the $14.3 trillion debt ceiling immediately after enactment of this bill, and a $1.6 trillion increase if the $1.8 trillion deficit reduction measure is enacted. Both debt limit increases would take effect automatically unless Congress enacted resolutions of disapproval. The Speaker's plan also requires the House and Senate to vote by the end of the year on a balanced budget amendment to the Constitution. As I have stated before this will tie the hands of Congress.

Finally, as noted above, the Boehner proposal provides only a short- term extension of the federal debt ceiling. This means that the gridlock that now prevails in our government will continue for the remainder of the 112th Congress. According to the Center on Budget and Policy, recent reports have suggested that rating agencies will downgrade the U.S. credit rating if the Boehner proposal is enacted. This would result not only in higher interest costs to the federal government but also would raise the interest rate paid by individuals and families on car loans, credit cards and mortgages throughout the United States. Taken together, all of these factors would undermine the nation's fragile recovery.

There has been a theme this Congress of focusing on cutting programs that benefit the public good and for the most at need, while ignoring the need to focus on job creation and economic recovery. This bill is wasting a tremendous amount of time when we should be focused on paying our nation's bills and resolving our differences!

In my district, the Texas 18th, more than 190,000 people live below the poverty line. We must not, we cannot, at a time when the Census Bureau places the number of American living in poverty at the highest rate in over 50 years, cut vital social services. Not in the wake of the 2008 financial crisis and persistent unemployment, when so many rely on federal benefits to survive, like the Supplemental Nutrition Access Program (SNAP) that fed 3.9 million residents of Texas in April 2011 or the Women, Infant, and Children (WIC) Program that provides nutritious food to more than 990,000 mothers and children in my home state.

In 2009, there were 43.6 million Americans living in poverty nationwide. According to the 2010 Federal poverty threshold, determined by the U.S. Census, a family of four is considered impoverished if they are living on less than $22,314 per year.

Children represent a disproportionate amount of the United States' poor population.

In 2008, there were 15.45 million impoverished children in the nation, 20.7% of America's youth. The Kaiser Family Foundation estimates that there are currently 5.6 million Texans living in poverty, 2.2 million of them children, and that 17.4% of households in the state struggle with food insecurity.

There is no doubt that we must reduce the national debt, but my Republican colleague's desire for instant gratification through deep spending cuts to benefits, Medicare, Medicaid and Social Security is reckless and threatens the financial security of millions of Americans.

Instead of closing corporate tax loopholes to reduce the deficit, the Budget Control Act cuts discretionary spending, and requires Congress to draft proposals to cut at least $1.8 trillion from Medicare and Social Security. This is an outrage, and an insult to the American dream.

Forcing Congress to draft plans to cut 1.8 trillion from Medicare and Social Security forces Members to disregard the best interests of their constituents. Medicare guarantees a healthy and secure retirement for Americans who have paid into it for their entire working lives. Protecting Medicare represents the basic values of fairness and respect for our seniors, including the 2.9 million Texans who received Medicare in 2010.

Any cuts to Medicaid would be just as damaging. Harris County has one of the highest Medicaid enrollment records in Texas. Limits and cuts to Medicaid funds would significantly hurt the citizens of Texas's 18th District. Harris County averages between 500,000 and 600,000 Medicaid recipients monthly, thousands of people who may not have access to healthcare should Congress sacrifice Medicaid to cut spending.

Yes, we must take steps to balance the budget and reduce the national debt, but not at the expense of vital social programs. It is unconscionable that in our nation of vast resources, my Republican colleagues would pass a budget that cuts funding for essential social programs. Poverty impacts far too many Americans and social safety nets provide these individuals with vital assistance.

Perhaps my friends on the other side of the aisle are content to conclude that life simply is not fair, equality is not accessible to everyone, and the less advantaged among us are condemned to remain as they are, but I do not accept that. That kind of complacency is not fitting for America.

As we continue to discuss the necessity of increasing our debt ceiling, I have heard the concerns of many of my constituents and the American people regarding the size of our national debt and the care with which taxpayer money is spent. I, too, am concerned about these issues; for to burden future generations of Americans with tremendous amounts of debt should not be a way to avoid our fiscal responsibilities to the American people. However, the task of resolving our debt ceiling crisis must take precedence over other concerns, including political ideology. The game is up, and the American people understand that increasing the debt ceiling has nothing to do with any new spending and everything to do with paying off the obligations that we have already agreed to and promised to pay.

Prior to the existence of the debt ceiling, Congress had to approve borrowing each time the federal government wished to borrow money in order to carry out its functions. With the onset of World War I, more flexibility was needed to expand the government's capability to borrow money expeditiously in order to meet the rapidly changing requirements of funding a major war in the modern era.

To address this need, the first debt ceiling was established in 1917, allowing the federal government to borrow money to meet its obligations without prior Congressional approval, so long as in the aggregate, the amount borrowed did not eclipse a specified limit.

Since the debt limit was first put in place, Congress has increased it over 100 times; in fact, it was raised 10 times within the past decade. Congress last came together and raised the debt ceiling in February 2010. Today, the debt ceiling currently stands at $14.3 trillion dollars. In reality, that limit has already been eclipsed, but due to accounting procedures by Treasury Secretary Geithner, the debt limit can be artificially avoided until August 2nd.

Congress must act now in order to avert a crisis. Never in the history of America has the United States defaulted on its debt obligations.

We must be clear on what this issue means for our country. America has earned a reputation as the world's most trusted borrower. United States Treasury bonds have traditionally been one of the safest investments another country or investor could make. For investors around the world, purchasing a U.S. Treasury bond meant that they held something virtually as safe as cash, backed by the full faith and credit of the United States government.

In turn, with the proceeds from the bonds, the federal government of the world's largest economy is able to finance its operations. If the United States defaults on its debt obligations, the financial crisis that began in 2008 would pale in comparison, according to economic experts. The ensuing economic catastrophe would not only place the U.S. economy in a tailspin, but the world economy as well.

The fact that Congress, a body that typically has its fair share of political battles, has never played political chicken when it came to raising the debt ceiling should give us all pause, and is a testament to the seriousness with which we must approach this issue. However, this lime around, my Republican colleagues have created an impasse based upon an ideological commitment to spending cuts. While I understand and share the concern of my Republican colleagues with respect to deficit spending, and will continue to work with them in order to find reductions, now is not the time to put ideology over pragmatism. The reality is that, on August 3rd, the United States will begin to default on its debt obligations if the debt ceiling is not raised.

This unnecessarily places the American public and the economy between a rock and a hard place. Either Congress sides completely with the radical agenda of the Tea Party, which in the irresponsibly pulls the chair out from under the average American while polishing the throne of the wealthiest.

This detour into a spending debate is as unnecessary as it is perilous, as increasing the debt ceiling does not obligate the undertaking of any new spending by the federal government. Rather, raising the debt limit simply allows the government to pay existing legal obligations promised to debt holders that were already agreed to by Presidents and Congresses, both past and present.

Moreover, the impending crisis would have already occurred were it not for the extraordinary measures taken by Treasury Secretary Timothy Geithner, including the suspension of the investment in securities to finance the Civil Service retirement and Disability Fund, as well as the redemption of a portion of those securities already held by that fund.

If the United States defaults on its obligations on August 3rd, the stock market will react violently to the news that for the first time in history, America is unable to keep its promises to pay. Not once in American history has the country's full faith and credit been called into question.

Once America defaults, investors who purchase U.S. bonds and finance our government will be less likely to lend to America in the future. Just as a person who defaults on a loan will find it harder to convince banks to lend them money in the future, a country that defaults on its debt obligations will find it harder to convince investors to lend money to a government that did not pay.

Showing the world that the United States does not pay its debts makes the purchasing of that debt less desirable because it requires the assumption of more risk on the part of the investors. The proponents of this bill are putting the country at serious risk of losing its status as the world's economic superpower. Our allies will lose faith in our ability to manage global economic affairs. Our status in the world will be diminished, which will undermine our leverage on the world stage that allows us to command the respect and compliance of other nations when it comes to decision-making. This bill will reduce America's ability to compete with a surging China.

Furthermore, any investors that do continue to purchase U.S. Treasury bonds will demand much higher interest rates in order to cover the increased risk. Once a default occurs, investors figure that the chance of the United States defaulting again is much greater, and will require the government to pay higher rates of interest in order to make the loan worth the risk for investors to take on.

Imagine the impact on our stock market if we do not pay our debts. As we have seen throughout the recent financial crisis, a bad stock market hurts not only big businesses and large investors on Wall Street, but small businesses and small investors as well. Families with investments tied to the stock market, such as 401(k)s, pension plans, and savings, will once again see the value of their investments drop. The American people are tired of the uncertainty of the value of their retirement accounts. We must not allow another wild fluctuation to occur due to default and add to the uncertainty still lingering in the minds of citizens.

The Speaker's plan is a short term fix for a long term issue. It is a patch rather than a proper repair. Boehner's plan requires that Congress address debt ceiling once again in a short span of time, which will once again lead to market uncertainty in a time when we are trying to rebuild our nation. This plan is not good for Wall Street and it is not good for the American people. The Speaker's bill is a short-term debt limit increase that will only ensure that Congress will go through this exact same standoff again in the next few months. Short-term proposals risk further uncertainty and the potentially damaging downgrade of the U.S. credit rating. The markets have made it clear that a short-term extension is not sufficient and could result in very serious consequences. While Democrats support deficit

reduction, we support doing it in a balanced way that provides certainty to the economy.

As if another stock market crisis were not enough, the housing market would take another hit if America defaulted. Higher mortgage rates in a housing market already weakened by default and foreclosures would cause a further depression of home values, destroying whatever equity families might have left in their homes after the housing crisis. Moreover, the long-term effects would reduce spending and investment in the housing market.

Increasing the debt ceiling is the responsible thing to do. Congress has already debated and approved the debt that an increased ceiling makes room for. However, my Republican colleagues have chosen to use this as an opportunity to hold the American people hostage to their extreme agenda.

Even prominent Republicans like Senator John McCain and Christine Todd Whitman have criticized the radical elements of their party who insist upon holding up the entire political process in order to flaunt their extreme, irrational, and unrealistic ideology. Senator McCain has called the Tea Party's stance and the way they have conducted themselves during this manufactured crisis ``bizarre,'' and I am inclined to agree. Their agenda for this country is even too radical for Speaker Boehner, with the Tea Party vowing to reject their leader's own bill.

They live in a world that is not the world that the American people live in. In their world, they believe that taxes are always too high, even on people making over a billion a year in a struggling economy; that any increase in revenue is fundamentally wrong, even if it comes from large corporations who use tax loopholes at the expense of our job-creating small businesses; that investing anything in our economic future above tax revenues is impermissible, even in the midst of an economic downturn; and that tax cuts for the wealthy are always the nation's top priority, even at the expense of people that depend on Social Security, Medicare, Medicaid, and veterans benefits to survive.

These beliefs place them on the fringe of American society, and yet due to the nature of our political process, they have held up the entire government and placed our economy on the precipice of a turbulent second recession.

If Congress cannot find a resolution then Congress will open the possibility that the President may invoke the Fourteenth Amendment to the United States Constitution, Section four, which states ``the validity of the public debt of the United States . . . shall not be questioned.'' The argument can be made that if Congress will not resolve our nation's pending default then the President, to protect the interest of our nation, must act. The President would then have to consider his powers under the Fourteenth Amendment which may grant him the authority to raise the debt ceiling, on his own, through executive order if Congress fails to raise the debt limit by the August 2, 2011 deadline. As a body we should not place the President or our country in this position.

For those reasons, I urge my colleagues to consider the constituents in their home districts who would be hurt by this bill. I urge my colleagues to return to the world in which the vast majority of Americans live; a world in which our shared destiny is determined by reasonable minds and good faith efforts to compromise. Federal Reserve Chairman Ben Bernanke warned that defaulting could ``throw the financial system into chaos,'' and ``destroy the trust and confidence that global investors have in Treasury securities as being the safest liquid assets in the world.''

Instead of injecting ideological spending cuts and Constitutional amendments into the traditionally non-political business of raising the debt ceiling, we must work quickly to pass a bill that makes good on our debt obligations and restores confidence in American credit.

Announcement by the Speaker Pro Tempore

Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 383 and ask for its immediate consideration.

Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to my very good friend, the gentlewoman from Rochester, New York (Ms. Slaughter), the distinguished ranking minority member of the Committee on Rules, pending which I yield myself such time as I may consume.

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

During consideration of this resolution, all time yielded is for the purpose of debate only.

General Leave

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on the measure before us.

Madam Speaker, as I began yesterday, when we launched the debate, it was exactly 3 p.m. It's 4:01 on Friday, July 29. And as we stand, as I do, or sit here, as any many of our colleagues do, we're exactly 4 days away from that August 2 date at which time the Department of Treasury has calculated that the Federal Government will run out of money. At that point, we, as a country, will face impossible choices about what obligations to default on first.

As I said, with this August 2 date rapidly approaching, we know that we are faced with the potential of running out of money. We also know that under that kind of scenario, there are no winners, and there are no losers. We have a profound responsibility to resolve the crisis at hand and avert the economic catastrophe that will come if we do not join together and find a way to raise the debt ceiling.

But this looming crisis is not the fundamental problem. We're facing this crisis because of a much larger, much longer-term problem. The Federal Government spends more than it has. If you think about it, Madam Speaker, we don't have a debt ceiling problem; what we have is a debt problem. The former cannot be resolved without addressing the latter. You can't address the debt ceiling issue unless you address the debt issue that is before us. That's precisely what today's process and the amendment that we are putting to the measure that we debated all day yesterday is all about. And the rule before us is moving us toward addressing the root cause of the problem.

We're adding another layer of accountability, something that Democrats and Republicans alike regularly talk about. Accountability is being added to the plan that Speaker Boehner is moving forward. With the amendment that we're going to consider that this rule will make in order, the House will proceed with the critical business at hand. We will pass a bold and credible plan to rein in our debt and responsibly avert the crisis that looms just a few days from now.

It's extremely unfortunate that this process has become so lengthy and partisan. I think everyone feels very saddened at the fact that it's become such a lengthy and very, very partisan process. But Madam Speaker, time is running out. Today we have the opportunity to do our work, and with passage of this measure, we will be moving the process forward to help avert the crisis that we potentially face on August 2.

When we pass this out, we will send a measure to the Senate, and as we all know, this is the only proposal that, when we pass it today, that will have passed either House of Congress. We need to have the support to do that. I hope very much that while many of my colleagues who are on the other side of the aisle may not be supportive of all the provisions in the Boehner plan, I hope very much to move the process forward so that we can ensure that our constituents get their Social Security

checks on August 3, since we all know the President, in his July 12 speech, said that if we don't increase the debt ceiling by August 2, he couldn't guarantee that Social Security checks would go out.

So to keep the process moving, to ensure that we get those checks out and address the other very, very important priorities that we need to have funding for, we can pass this in a bipartisan way so that we can get to the Senate, work out our differences as expeditiously as possible, and come back with what clearly has to be a bipartisan compromise to ensure that we are able to decrease spending, getting to the root cause of the problem, and at the same time, do what we all know has to be done and that is increase the debt ceiling.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I yield myself 15 seconds.

I would say to my good friend that I would like to totally associate myself with her remarks at the end in which she said it is absolutely essential for us to work together in a bipartisan way to resolve this issue. But I know this will come as a surprise. When she began her remarks and said that we on our side are working overtime making a conscious decision to bring our Nation to the verge of collapse, that is a slight mischaracterization of exactly where we are.

Madam Speaker, I yield 2 minutes to my good friend from Spring Hill, a hardworking and not-too-well-rested member of the Rules Committee, the gentleman from Florida (Mr. Nugent).

Madam Speaker, I yield myself 10 seconds to say to my good friend that there's a bit of a disconnect from my perspective. So failure to act is not gridlock; passing legislation out of the House of Representatives is, in fact, gridlock.

I yield 1 minute to the gentleman from Cincinnati, Ohio (Mr. Chabot).

Madam Speaker, I yield 2 minutes to one of our very capable and thoughtful new Members of the 112th Congress, the gentleman from Drexel Hill, Pennsylvania (Mr. Meehan).

Will the gentleman yield?

I thank the gentleman for yielding.

I would like to compliment him on his very thoughtful remarks, Madam Speaker, and say that as I listen to this newly elected Member of the House, it is very difficult to imagine that he would consciously engage in an effort to bring our Nation to the verge of collapse, because we want to solve this problem and ensure that we can have a strong and vibrant United States of America, creating jobs and getting our economy growing.

I thank my friend for his thoughtful comments.

I continue to reserve the balance of my time.

Madam Speaker, at this time I am very privileged to yield 2 minutes to my very good friend from Glendale, Arizona (Mr. Franks).

At this time I am happy to yield 2 minutes to the gentleman from Texas (Mr. Culberson), a very hardworking member on the Appropriations Committee.

Madam Speaker, at this time I am very pleased to yield 1 minute to one of our thoughtful, hardworking new Members of this Congress, the gentleman from Manchester, New Hampshire (Mr. Guinta).

Madam Speaker, may I inquire of my good friend from Rochester how many speakers she has remaining.

In light of that, I continue to reserve the balance of my time.

Madam Speaker, at this time I am happy to yield 1 minute to the former mayor of one of the 10 most livable cities in the United States of America, the gentleman from Rogers, Arkansas (Mr. Womack).

Madam Speaker, I continue to reserve the balance of my time.

Mr. Speaker, may I inquire of the Chair how much time I have remaining?

Mr. Speaker, we began this debate at 4:01. It's now 5:11.

I urge my colleagues to support this rule and the underlying legislation so that as August 2 approaches, we will be able to say that we have reduced the size and scope and reach of government and we have not allowed our country to go into default.

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

The previous question was ordered.

Mr. Speaker, I reserve a point of order.

Mr. Speaker, I withdraw my reservation, and I rise in opposition to the motion to recommit.

Mr. Speaker, this doesn't prioritize Social Security. It doesn't prioritize Medicare. It doesn't prioritize veterans. It doesn't propose one item that would cut spending. All it does is engage in class warfare and increase taxes. Vote against the motion to recommit.

I yield back the balance of my time.

I thank the gentlelady for yielding and commend her and her colleagues on the Rules Committee for their important work in bringing legislation to the floor.

Madam Speaker, the clock is ticking. The clock is ticking on the need for us to raise the debt ceiling so that we do not default on our past obligations, that we uphold the full faith and credit of the United States of America.

As we continue this debate today, one thing is very clear to me. If our goal were to find deficit reduction in a balanced, bipartisan way, we could certainly do that. We've had models by Simpson-Bowles. We've had the Gang of Six. We've had the President's conversations with Speaker Boehner. We could find a path to very serious deficit reduction, but I think it has become very clear that that is not the goal of the Republicans in the House of Representatives.

They keep moving the goalpost, making it very evident that their goal is to reduce the public role in the lives of the American people. That's why, in other legislation on the floor, like the Interior bill that has been debated, you see the abandoning of clean air standards, clean water, food safety. I've said before I come to this Congress as a mother and a grandmother. We all want to do the best for our children personally, but we need a public role in their education and, again, in clean air, clean water, food safety. We can't do that for ourselves, but part of the Republican plan is to unravel 50 years--five decades at least--of bipartisan progress on behalf of America's middle class families.

Flatout, this bill and the other bills accompanying it will end Medicare, will end Medicare, will say to seniors, You will pay more for your health care costs to get less so that we can give tax subsidies to Big Oil. We will say to those families, We're going to cut Medicaid. What that means to seniors in nursing homes is that we will give tax breaks to corporations sending jobs overseas. We will say to the young people, You're going to pay more for your college loans so that we can give tax cuts to the people at the highest end.

We all know that we have to participate in reducing the deficit. Everybody has to ante up. Why is it that the Republicans insist on having the middle class pay the price so that the high end is off the hook?

If we are concerned about addressing the problems of the American people, we would end this debate. This bill is going nowhere. It is a total waste of time. Every day that we spend on these wastes of time that are not going anywhere is another day we are not talking about the highest priority of the American people, which is job creation, job creation, job creation. That is their priority. We have an obligation to reduce the deficit and get on with it so we can create jobs.

If we are concerned about the economic security of the American people and their families, we must recognize that, since the Republicans' most recent walking away from the table--they've done it on more than one occasion, but last Friday the Speaker and the Republicans walked away from the table--the stock market has dropped 483 points, and the American people have lost over $400 billion in their personal assets, $400 billion. Every day that goes by and if the market goes down any more, it comes right out of what the American people have in their 401(k)s, in their pensions and other pensions, and in their savings for their children's educations.

I remember when we had the debate on TARP. We cooperated with President Bush at that time to bring legislation to the floor. It was very unpopular. It was probably the most unpopular vote any of us will have to take, but we were on the brink of a financial crisis, and we had to act; but the Republicans did not step up to the plate, and the market went down 777 points the next day.

Is that what they're waiting for, for the market to go down not 485 points in the last few days but hundreds of points more, diminishing the personal assets and wealth of the American people? I certainly hope not.

When the Speaker walked away and he made his statement, Speaker Boehner, our Speaker, said that we couldn't reach agreement, words to that effect, that we couldn't connect because we have different visions of America. I believe the Speaker when he speaks, but I don't believe we have different visions of America.

President Obama's vision of America is one where we are committed to the education of our children so they can reach their personal fulfillment and so our country through innovation can continue to be number one--committed to creating jobs, good-paying jobs, for America's workers. I think that vision is the vision of the American people, the high ground of where we share values: in the education of our children, jobs for our workers, in the dignified retirement and health security for our seniors, and in the personal safety and national security of our people--all done in a fiscally sound way.

I think that that's common ground on the high ground of values. If you believe that, if you agree with those values, as I think Speaker Boehner must agree with President Obama on that vision of America, you couldn't possibly vote for any of the legislation that the Republicans are bringing to the floor in these few days--you couldn't possibly-- because they do undermine the education of our children, the financial and health security of our seniors. The deep cuts early on hurt the economic recovery and the creation of jobs. This isn't done in a fiscally sound way as we've taken revenue off the table. Fifty-seven percent of the American people at least think we should have a balanced, bipartisan agreement to end this default and to do so in a way that doesn't take us down this path again.

So let's be clear. What is on the floor today is a balanced budget. Balanced in what way? Balanced in whose favor? It looks like a seesaw to me in favor of the ``haves'' at the expense of a great middle class in our country. It must be rejected.

For every day that we waste on another Republican ideological ploy or scheme is another day that we are not creating jobs. Since the Republicans took office, which is over 200 days ago--last Saturday it was 200 days, going on 207--the only bills that they have brought to the floor which they claim to be jobs bills are not job creators; they are job losers. H.R. 1 loses about 700,000 jobs--H.R. 2, a similar number; H.R. 34, a similar number with nearly 2 million jobs lost. Almost 10,000 jobs a day they're losing. Their infrastructure bill that they have brought in to committee--they haven't voted on it yet, thank God--is estimated to lose another 700,000 jobs when it's supposed to be the big job creator. Even the Chamber of Commerce has rejected it as something that will not only not create jobs but will lose current jobs.

So let's get on with the business of job creation. Let's really be honest about what we're here to do in terms of deficit reduction and not use it as an engine for the destruction of the public role that is so important in the defense of our country, in the health of our children, in the security of our seniors and their retirements, and in the vitality and innovation of our economy--and again, do it in a way that is fiscally sound. I don't want to go into how we got here in the first place. Whatever it is, we have to go forward, and we must go forward in the way the American people want us to do: bipartisan, balanced, and with an eye to job creation.

Reject what is on the floor now and support the American people. We owe it to honor the sacrifices of our Founders, the vision of our Founders, the sacrifices of our men and women in uniform, the aspirations of our children and our families. This budget should be a statement of values that honors all of that, and if we are to honor that, we must reject what is being proposed here today.

I thank my good friend, the gentleman from California, the chair of the Rules Committee, for yielding me the customary 30 minutes, and I yield myself such time as I may consume.

(Ms. SLAUGHTER asked and was given permission to revise and extend her remarks.)

Madam Speaker, today we face a self-inflicted crisis, and the majority's proposed solution is no solution at all. The debt ceiling was created, ironically, to avoid forcing Congress to approve every new issue of debt. The debt ceiling was originally introduced to pay for World War I and was designed to be a formality that would help our country and economy operate smoothly and without interruption. All these years later, it having done that, the debt ceiling now appears to have outlived its usefulness. In fact, I believe we should abolish the debt limit altogether and never face a crisis like this again of whether we will be a responsible country that pays our bills. Only one other country has the debt limit, and that is Denmark. I think we really need to look at this as an anachronism from 1917.

Regardless, throughout the life of the debt ceiling, raising the ceiling has never been questioned. Since 1960, the ceiling has been raised 78 times. Throughout this time, there's been no quid pro quo demanded to raise the debt ceiling, no ransom demanded in exchange for raising our debt ceiling and preventing default. That is, until today. Bringing our Nation to the brink of collapse has been a conscious decision of the majority party. Placing ideology before country, they are demanding controversial and unacceptable cuts or else they are willing to let our Nation default.

We have been warned by the United States Senate and the President of the United States that the proposed legislation will not be passed into law. They have said it repeatedly. They have said it clearly. Yet the majority continues to believe this bill can actually avert the danger of default. They're playing a dangerous game of chicken, asking the Nation to give into their demands if we want the American economy to live to see another day. I simply cannot agree to the extreme demands being put forth by the majority today.

After pulling yesterday's legislation from the floor, the majority has introduced a piece of legislation that demands the impossible. Today's bill doesn't just require a vote on a constitutional amendment; it demands that a constitutional amendment be approved by both Chambers of Congress this fall. If the amendment doesn't pass, then we not only face the prospect of default again 6 months from now, but we have even fewer options to avoid default.

If previous proposals are any guide, the constitutional amendment would place the burden of debt reduction squarely upon the middle class, threatening Social Security, Medicare, and Medicaid, and Members of Congress would be given a Sophie's choice: Do we vote against this amendment and protect Medicare or do we vote for the amendment to avoid economic default? This is totally unnecessary.

In effect, this legislation releases one hostage and takes another. Six months from now, we would be forced to choose between a constitutional amendment and putting the Nation back on the brink of default. I refuse to trade hostages with the majority and prolong this crisis for another 6 months.

I urge my colleagues to put the country before any ideology and come together to solve an urgent and serious crisis that we are facing today. It's our duty to put the welfare of the country before all else. That is why we were elected by the people who expect us to do just that, and that is what we swear to do. It is time we answered the call.

I urge my colleagues to vote ``no'' on today's bill and urgently, urgently, get back to serving the American people. And we spent far too much time on the useless bill.

I reserve the balance of my time.

Madam Speaker, I yield 1\1/2\ minutes to the ranking member on Ways and Means, the gentleman from Michigan (Mr. Levin).

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

Madam Speaker, I yield 2 minutes to a member of the Committee on Ways and Means, the gentleman from Texas (Mr. Doggett).

Madam Speaker, I am pleased to yield 1\1/2\ minutes to the gentleman from Virginia (Mr. Scott), a constitutional scholar.

Madam Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Andrews).

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

Madam Speaker, I am pleased to yield 1 minute to yet another constitutional scholar, the gentleman from North Carolina (Mr. Watt), a member of the Judiciary Committee.

I am pleased to yield 1 minute to the gentleman from Virginia (Mr. Moran).

Madam Speaker, I am delighted to yield 1\1/2\ minutes to the gentleman from Massachusetts (Mr. Frank), the ranking Democrat on the Financial Services Committee.

Madam Speaker, I am pleased to yield 1\1/2\ minutes to the gentlewoman from Maryland (Ms. Edwards).

Madam Speaker, I am pleased to yield 1 minute to the gentleman from Virginia (Mr. Connolly).

Madam Speaker, I am pleased to yield 2 minutes to the gentleman from Maryland (Mr. Van Hollen), the ranking member on the Budget Committee.

Madam Speaker, I yield 1\1/2\ minutes to a member of the Judiciary Committee, the gentlewoman from Texas (Ms. Jackson Lee).

I am pleased to yield 1\1/2\ minutes to the gentlewoman from Ohio (Ms. Kaptur).

I believe I have two.

I am pleased to yield 1\1/2\ minutes to my colleague from New York (Mrs. Maloney).

Madam Speaker, I am pleased to yield 1 minute to the gentleman from New Jersey (Mr. Rothman).

Madam Speaker, I am pleased to yield 1 minute to the gentleman from Georgia (Mr. Scott).

I yield 1 minute to the gentleman from California (Mr. Costa).

Madam Speaker, I am pleased to yield 2 minutes to the gentleman from Massachusetts, ranking Democrat on the Energy and Commerce Committee, Mr. Markey.

Madam Speaker, I am very pleased to yield 1 minute to the gentlewoman from California, the Democrat leader, Ms. Pelosi.

Mr. Speaker, I think the consequences of this bill are so dire and the circumstances of this constitutional amendment are so far-reaching and damaging that I implore everybody in the House of Representatives, in the name of the Founding Fathers, in the name of our soldiers fighting for our Nation, for people who kept the economy the envy of the world, for the sake of our children and generations yet unborn, to vote against this rule. I have never felt this way before. The process and everything about this is wrong. They are making it absolutely impossible the next time for us to meet our obligations, and we really should not besmirch the reputations that we have as thoughtful legislators by voting for this.

I urge a ``no'' vote on the rule and the underlying bill.

I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

My colleagues, I would like to cut through all the fog here rather quickly.

Today's GDP figures remind us that our economy is still not creating enough jobs. Americans are worried about finding work. They are worried about our economy, and they are worried about the mountain of debt that is facing them and their children.

Today, we have a chance to end this debt limit crisis. With this bill, I think we are keeping our promise to the American people that we will cut spending by more than the amount of the increase in the debt limit. The Congressional Budget Office has certified this commonsense standard, and it has been backed by more than 150 distinguished economists from across the country.

We are also imposing caps to restrain future spending to stop the expansion of government while giving our economy a chance to grow and create jobs, and we are advancing the great cause of a balanced budget amendment to the Constitution.

What this bill now says is that before the President can request an additional increase in the debt limit, two things have to happen: A joint committee of the Congress must produce spending cuts larger than the increase in the debt limit, and both Houses of the Congress must send to the States a balanced budget amendment.

Listen, the balanced budget amendment, it's time for this to happen. It enjoys support in both Houses of this Congress, and it enjoys bipartisan and widespread support across our country.

The bill also ends this crisis without raising taxes, which would cripple our economy, and there are no gimmicks. There are no smokescreens here that represent the old and comfortable way of doing things.

Now, the bill before us still isn't perfect. No Member would argue that it is. It's imperfect because it reflects an honest and sincere effort to end this crisis by sending a bill over to the Senate that at one time was agreed to by the bipartisan leadership of the United States Senate.

And to my colleagues in the Senate, if they were here, I would say this, if this bill passes, this House has sent you not one, but two different bills to cut spending by trillions of dollars over the next decade while providing an immediate increase in the debt limit. And to the American people, I would say, we have tried our level best. We have done everything we can to find a commonsense solution that could pass both Houses of Congress and end this crisis.

We have tried to do the right thing by our country, but some people continue to say ``no.''

My colleagues, I have worked since the first week of this session when we were sworn in in January to avoid being where we are right this moment, but 2 days after we were sworn in, the Treasury Secretary sent us a letter asking us to increase the debt ceiling. I immediately responded by saying we would not increase the debt ceiling without serious cuts in spending and serious reforms to the way we spend the people's money.

We passed a budget. The other body spent over 800 days and still no budget, no plan. This will be the second bill we send over to the Senate, and yet not one piece of legislation out of the Senate has passed that deals with this crisis.

And my colleagues, I can tell you that I have worked with the President and the administration since the beginning of this year to avoid being in this spot. I have offered ideas. I have negotiated. Not one time, not one time did the administration ever put any plan on the table. All they would do was criticize what I put out there. I stuck my neck out a mile to try to get an agreement with the President of the United States. I put revenues on the table in order to try to come to an agreement to avert us being where we are, but a lot of people in this town can never say ``yes.'' A lot of people can never say ``yes.''

This House has acted, and it is time for the administration and time for our colleagues across the aisle to put something on the table. Tell us where you are.

Yes, people can be critical of what we've done, but where are the other ideas? At this point in time, the House is going to act and we're going to act again, but it is time for our colleagues across the aisle to tell us what they're for, tell us how we can end this crisis.

Ronald Reagan has been quoted throughout this debate over the last few weeks, and Ronald Reagan would probably be flattered, I'm sure, if he were here. But Ronald Reagan, on his desk, had a little placard, and that placard was real simple. It said: ``It can be done.'' I have a replica of that placard on my desk, and let me tell you, Members of this House, it can be done, it must be done, and it will be done if we have the courage to do the right thing.

So for the sake of our economy, for the sake of our future, I'm going to ask each of you, as representatives of the people of the United States, to support this bill, to support this process and end this crisis now.