Mike Levin: “I would like to, if I might, talk about another one of their, I think, extreme causes. That is essentially the debt…”

“I would like to, if I might, talk about another one of their, I think, extreme causes. That is essentially the debt ceiling be damned. All torpedoes ahead, no matter what we are going to hit or whom we are going to hit. I wanted to say just a few words about a letter that one of my colleagues from Michigan sent to Secretary Rubin, and I quote. The gentleman from Michigan [Mr. Smith] said, ``It is my understanding that you are considering withholding Social Security and other trust fund payments due on March 1, 1996, despite the positive cash-flows of such trust funds.'' There is a grave misunderstanding here. The Treasury is not going to withhold Social Security and other trust fund payments. Here is the problem: If the debt ceiling is not extended, the Treasury is going to be put in this position, as I understand it. They are not going to be able to redeem the nonmarketable funds that they have. And if they cannot do that, they have to do it by issuing marketable securities. Then they may not have the money to honor the Social Security checks that would have been mailed to millions and millions of people.”