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Public Statements

Full Faith and Credit Act

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. KIND. Madam Speaker, I thank the gentleman for yielding me this time, and I, too, rise in opposition to the Pay China First Act.

Madam Speaker, I, for the life of me, do not understand why we are even seriously considering this legislation which would call for the default on our Nation's financial obligations for the very first time in our Nation's history, completely jeopardize the full faith and credit of the United States of America, jeopardize the economic recovery, which still needs help right now, and it would be the greatest unforced, self-inflicted wound that this body can commit against the U.S. economy in our Nation's history.

But let's be clear. This has very little to do about true fiscal responsibility. This issue, this legislation is being driven by a very narrow bunch on the other side with a radical governing philosophy which basically says, I hate my government so much that I'm willing to jeopardize the full faith and credit of the United States and bring this economy down until we get our way. That's what's driving this legislation right now. That's the jeopardy that we face with it.

And I doubt that this has a serious chance of passing. But what the answer to this is is for us to go to conference on the budget resolutions that have now passed the House and Senate and start talking and listening to each other to find the common ground we need to reach a long-term deficit reduction agreement.

But defaulting on some of our obligations will mean putting great doubt in the rest of the investors in the United States in regards to who will be next. And that's what this legislation is promising: a default with some, a payment of China and others at the expense of the U.S. economy.

I encourage my colleagues to vote ``no'' on this ill-conceived legislation.

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