Max Baucus: “the next amendment is about whether the United States will pay its bills. It is about whether the United States will…”

“the next amendment is about whether the United States will pay its bills. It is about whether the United States will continue to pay the interest it owes on the money it has borrowed. The spending laws that created the debt are behind us. The only question remaining is whether the government will honor its obligation to pay the bill. We have gone to the restaurant, we have eaten the meal, and now the only question is whether we will pay the check. It is that simple. If Congress does not enact this legislation, the Treasury will default on its debt for the first time in American history, which means lower Social Security payments for a portion of those beneficiaries, and we would fail to pay full pay benefits to a portion of the beneficiaries of all other Federal programs. But that would pale in comparison to the cataclysmic result in the financial markets if we don't honor our obligation. The value of Treasuries would plummet, leaving 401(k) plans and investors holding much less value. The value of the dollar would decline significantly. Ultimately, the question of America's sovereignty and the degree to which we are controlling our future would be in doubt and other countries would be dictating the results and telling us what to do. We must pay our bills; we must pay our debts; we must vote for this legislation.”