Today Rep. Charles B. Rangel released the following statement today after House Republicans passed a bill that risks the full faith and credit of the United States and forces us to pay China before we pay hard-working Americans:
"I am disappointed that today the House of Representatives shamefully passed, along strict party-lines, the so-called "The Full Faith and Credit Act" that would basically pay China first.
This legislation would ensure that if House Republicans cause a default on our nation's debt, bondholders from China and other foreign nations would be paid first -- putting payments to Americans at risk.
Let us be clear -- under this legislation, the United States would no longer guarantee to pay all of its bills on time and in full, and American families would pay the price.
Since the first day President Barack Obama was sworn into office in 2009, Republicans have clearly made it their goal to obstruct the President's agenda no matter what negative impact it would have on our economy.
It's time to stop playing political games so we can work together to responsibly reduce our deficit, end the sequester and create more American jobs."