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Public Statements

Lance Statement on the Debt Limit Deal

Press Release

By:
Date:
Location: Washington, DC

Congressman Leonard Lance (NJ 07) today released the following statement on the debt limit deal:

"As a strong fiscal conservative I believe in paying our bills in full and on time. I believe it is fiscally irresponsible to do otherwise.

"President Ronald Reagan once said that the United States has, 'a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility -- two things that set us apart from much of the world.'

"I will vote later this evening on a plan that meets our obligations. It will reopen the federal government and puts in place long overdue budget negotiations between the House and Senate.

"It is not a perfect solution and I am proud to have worked tirelessly across the aisle with like-minded members from both sides of the Capitol on a broader package. But those efforts failed to bear fruit and my colleagues and I now face an impasse concerning our Nation's finances.

"In a 1983 letter to then-Senate Majority Leader Howard Baker (R-Tenn.), President Ronald Reagan wrote: 'This country now possesses the strongest credit in the world. The full consequences of a default by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.'

"Let us heed President Reagan's words and put the threat of default on America's financial obligations behind us and refocus our energies on a long-term deficit reduction agreement to get our fiscal house in order."


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