Dave Camp: “At this time, I yield 5 minutes to the sponsor of the bill, the distinguished gentleman from California (Mr.…”

“At this time, I yield 5 minutes to the sponsor of the bill, the distinguished gentleman from California (Mr. McClintock). Mr. McCLINTOCK. Madam Speaker, I thank the gentleman for yielding. I had hoped that amidst all the controversies that grip Congress, certainly we should at least be able to agree that the full faith and credit of the United States should not hang in the balance every time there's a fiscal controversy in Washington. I also want to thank Chairman Camp and his Ways and Means Committee for revisions that make this solution much simpler and more practical than the original draft. Madam Speaker, this bill simply guarantees that the sovereign debt of the United States Government will be paid in full and on time under any circumstances. Most States have had similar provisions to guarantee their debt in their laws or constitutions for generations. Last year, in testimony to the Senate, Ben Bernanke praised these State provisions for maintaining confidence in their bonds. He told our House Budget Committee that a similar measure at the Federal level would help to protect us against a sovereign default, which he called a ``very high priority.'' And yet, this President and his followers in Congress, who have taken our Nation on the biggest borrowing binge in its history--who've run up more debt than almost all of his predecessors put together--oppose this commonsense measure to strengthen the credit upon which that debt depends.…”