OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Budget Control Act of 2011

Floor Speech

Date: July 29, 2011
Location: Washington, DC
Issues: Senior Citizens Entitlements and the Safety Net Health Insurance

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Mr. ROTHMAN of New Jersey. I oppose the Republican default bill because it will lead to drastic cuts to Medicare and Social Security. Also, I oppose the Republican default bill because it protects tax breaks and loopholes for those Americans who make millions and billions of dollars in income per year. I oppose the Republican default bill because it calls for another default summit, another default crisis, in 6 months, thereby undermining the certainty that American businesses, investors, and families need to create jobs and move our country forward.

With only a short-term increase under the Republican default bill, the full faith and credit of the United States will once again be held hostage to the differences in Washington. The Republicans' short-term plan that creates uncertainty will result in billions of dollars in increased interest rates that will hurt every single American and will hurt our country.

I urge my Republican colleagues to join with the Democrats, to join with President Obama in creating a balanced plan with shared sacrifice that solves our debt crisis and eliminates this cloud hanging over our economy.

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