Hensarling Statement on Fed/Treasury Secret Plan to Prioritize Debt Payments

Statement

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement on Friday concerning reports that the Federal Reserve and the Obama Administration had secretly formulated a plan to prioritize debt payments in case the nation's borrowing authority was not raised:

"The Obama Administration has been caught in another lie. As these newly released Fed transcripts prove -- and as our committee's investigation into this matter a year ago first revealed -- the Obama Administration took the nation's creditworthiness and economy hostage in a cynical attempt to generate a crisis so President Obama could get what he wanted during negotiations over the debt ceiling. Thankfully, this administration that has failed to be honest and transparent with the American people is coming to an end."

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