Hoyer: Republican Bill that Plans for Default Is an Irresponsible Charade, a Pretense of Fiscal Responsibility

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) spoke on the House Floor today in opposition to Republicans' irresponsible bill that plans for default by paying foreign bondholders before our obligations to America’s veterans, small businesses, students, and families. Below is a transcript of his remarks and a link to the video:

Click here to watch the video. 

“I thank the gentleman for yielding. I have been here for some period of time. I have heard a lot about caucuses, but I would like to see us do what the gentleman from Indiana says, although I disagree with him on his conclusion.

“I would like to see the formation of a ‘Responsibility Caucus’ – a caucus that is honest with the American people; that doesn't pretend that this debt limit vote is a real vote, [that doesn’t pretend] it's a real vote when you cut revenues by hundreds of billions of dollars and don't pay for it, and if you think that that does not up the debt, somehow pays for it, you haven't been around for the last 35 years watching.

“The ‘Responsibility Caucus’ would say to the American people: ‘If we bought it, we're going to pay for it.’ Whether it was Social Security, Medicare, an aircraft carrier, roads and bridges, whatever, we'll pay for it. One of the first things Republican friends did was they negated pay-for, and they certainly wouldn't have it apply to tax cuts.

“Almost every responsible economist I have talked to says there is no way you can do this without effectively having default because if you prioritize debts, by definition, what you're saying is, there are some debts we will not pay and as soon as you say that, you have defaulted. You may not default to a bond owner, but you have defaulted on an obligation of the most credit-worthy nation on earth, the United States of America. And this is a game. It is an irresponsible game. It is a game unworthy of responsible Representatives.

“Of course, we are going to pay our debts. We're America. And when we say, of course, we are going to pay our debts, it means we will pay our debts. In order to do that, you need to up the debt limit. If you didn’t want the debt limit to go higher, stop buying things or pay for things or do both.

“I urge my colleagues to reject this irresponsible charade that is a pretense of fiscal responsibility, not a reality. This is not worthy of this Congress or the American people. It is clear that this House has been a deeply divided House and dysfunctional House for a number of months now, indeed, for a number of years. And I understand that there are some people who demand legislation like this that won't go anywhere and really won't do anything and it will put the credit of the United States at further risk. Let us reject this charade.”