Political Quotes

“H.R. 2924 is, in effect, a temporary increase in the debt ceiling. Under the bill, the Secretary of the Treasury may issue Treasury securities in excess of the current $4.9 trillion ceiling in order to pay the March 1996 Social Security benefits. Coupled with the normal end of month redeeming of Treasury securities held by the Social Security trust funds, this bill permits the Federal Government to meet all of its financial obligations on March 1. The bill provides much-needed time to consider a longer and perhaps permanent increase in the debt ceiling. Congress may not take up this issue again until the week of February 26, and, without this legislation, action would be required almost immediately to prevent default on February 29 or March 1. That is cutting it too close. Under this bill, we will have until March 15 to work out a long-term increase in the debt ceiling. And, importantly, this legislation commits the Congress to timely action. Item 1 in the bill's 'FINDINGS' states: (1) Congress intends to pass an increase in the public debt limit before March 1, 1996. This is a welcome statement of good faith. It will shortly pass the House of Representatives. I urge the Senate to concur.”