Lucille Roybal-Allard: “I stand in opposition to H.R. 692, the so-called Default Prevention Act. Raising the national debt limit is a basic…”

“I stand in opposition to H.R. 692, the so-called Default Prevention Act. Raising the national debt limit is a basic responsibility of government which ensures America will be able to pay its bills. If we do not raise the debt limit, our nation will default for the first time in its history. Americans' retirement savings will plunge, and interest rates for mortgages, student loans, credit cards, and car payments will skyrocket. That is why the American people and the American economy need a clean debt limit extension bill that meets all of our financial obligations, not just a few of them. Sadly, the Majority party's Default Prevention Act does not meet this basic standard. Their bill would guarantee payments above the debt limit to bond holders in China and other foreign countries, without consideration for meeting our obligations to the American people, including troops, veterans, and small businesses. That is irresponsible and wrong. Taking care of our veterans, troops, and small businesses should be our priority, not guaranteeing payments to China and our other bond holders. This legislation is the Majority's cynical attempt to pass a debt limit bill and say the House is being responsible. The truth is it is not an honest attempt to address the debt limit. The Majority's bill is a sham. Our nation will be in default if we miss any payment for any reason.…”