I would just conclude by noting the reaction of one person, an investment banker, to note what may happen if they carry us over the cliff, but what already happened yesterday in taking us right up to the brink of disaster as this Gingrich-led Congress has done at a time when the President has come here and called for conciliation and goodwill and cooperation. Instead of doing that, they take us up to the edge of the cliff of financial disaster. The reaction of one investment banker was that this is a very strong warning to the system. The whole notion that the U.S. bonds are on some kind of credit watch is wild. This is the kind of things that happens to some of our companies, not to the United States. It is embarrassing. And it is an embarrassment, but it is an embarrassment we are going to have to pay for. In Texas, there are a lot of stickers and signs around that say, ``Don't mess with Texas.'' We are saying today, Don't mess with the credit rating of Texas and these United States. If these Republican colleagues want to go mess up somebody's credit rating, go mess up their own. Do not mess with my credit rating. I have worked to defend and preserve it. And that is what the American people should be saying to this Gingrichite leadership: Do not mess with our credit rating. We worked hard to preserve it, and you ought not to use these crazy, extremist political tactics to destroy the credit rating the generations of Americans have preserved.
On the recordJanuary 25, 1996
Source
govinfo.govEditor's note · Context
Addressing concerns about the financial implications of the Gingrich-led Congress on U.S. credit ratings.
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