Lifting the Debt Ceiling
Floor Speech
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Mr. COSTA. Mr. Speaker, I rise to address the serious issue of raising our debt limit before we wreak havoc on America's economy and the impact to the world's economy. What I want to talk about is common sense. It is common sense in terms of how we move forward with regards to our fiscal needs.
Since 1960, Congress has raised the debt limit 78 times. It is Congress's responsibility to do this. It was done 49 times under Republican Presidents, 29 times under Democratic Presidents.
There is a degree of hypocrisy that has filtered through this House in recent months regarding the debt ceiling. In the last administration, we voted to increase the debt limit three times, to lift the debt ceiling, under the Trump administration, while at the same time the debt was being increased by 25 percent. I even remember President Trump saying that he was the king of debt. I guess he is--or was.
The fact is if that hadn't been increased by 25 percent, we wouldn't be here today with the dilemma of how we should raise the debt ceiling. We should raise it the way we have previously: cleanly, and in a bipartisan fashion. That is what we have done historically.
As Sergeant Joe Friday used to say, ``Just the facts, ma'am.'' The debt ceiling has no impact on our spending, which is a reasonable issue to debate, how we spend America's tax dollars, and that is what the Congress ought to do.
The debt ceiling simply commits us to paying the bills that we have already incurred. That is what this is about.
That is why since 1960, Congress, under Republican and Democratic administrations, has raised the debt ceiling 78 times: 49 times under Republican Presidents, 29 times under Democratic Presidents.
Yesterday's announcement by Treasury Secretary Yellen makes it clear there is no time to waste. June 1 is looming closely, and the havoc that would occur if we don't lift the debt ceiling is significant. We can and should avoid this economic catastrophe.
Mr. Speaker, during the 19 years that I have been in Congress, I have voted to raise the debt ceiling 16 times, 3 times under the Trump administration. It is the responsible thing to do.
Mr. Speaker, if we default on our debt, nearly 8 million jobs will disappear soon after in June.
If we default on our debt, Social Security payments will be jeopardized.
If we default on our debt, payments to veterans will be impacted.
If we default on our debt, health benefits will be at risk for millions of Americans.
In California, if we default on our debt as a result of the proposal that the Republicans are making and the measure that they pass, we will eliminate preschool and childcare for over 35,000 children. It will strip food assistance from over 1.3 million Californians.
It would make college more expensive for over 874,000 students, and it would increase housing costs for 83,000 people in California. These numbers are being updated.
So where are we?
There is a commonsense agreement, based upon past history, that we must lift the debt ceiling. Republicans have acknowledged that.
As a Blue Dog, I believe in fiscal responsibility, and I want to continue to work with my colleagues on both sides in a bipartisan effort to lower our debt because we must ensure that Social Security and Medicare remains solvent over the long term.
We must do those things, but there is a way to do it. We can lift the debt ceiling cleanly, as we have in the past, and we can agree to a serious bipartisan commission to look at our debt and how we reduce our debt, as occurred under the Clinton administration.
That is common sense. That is what this is all about. Partisan attempts to score political points should not be at the expense of the full faith and credit of the United States. Not only are Americans' economic recovery at threat here, but the U.S. dollar is the currency of the global economy.
America is not a deadbeat Nation. We need to pay our bills and we need to meet the needs of American people.
Mr. Speaker, let's lift our debt ceiling by June 1.
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