On the recordJune 9, 2016
I come before the House today to support an important piece of legislation that will allow the people of Puerto Rico a path towards economic stability, growth, and prosperity. Beholden to out-of-control tax-and-spend policies, the Puerto Rican people are experiencing the harsh realities of fiscal irresponsibility and unaccountable government. That is why I strongly support this bill. We have a moral and constitutional responsibility to address this fiscal crisis which will only get worse if we don't act. That is why I support this bill and what we must learn from this experience. Congress and Presidents of both parties have let our national debt reach an unsustainable $19 trillion. That is only because the U.S. Government has something that Puerto Rico doesn't have: the ability to print money and borrow endlessly. So that is why I support the fiscal reforms in this bill which do not spend a single dollar in U.S. taxpayer money to relieve Puerto Rico of its debt. I have long opposed taxpayer bailouts. Fortunately, this bill prevents the taxpayers from bailing out a government that spent recklessly and provides a conservative solution to force Puerto Rico to spend now responsibly. The bill also avoids setting a horrible precedent that could tempt free-spending States to walk away from their obligations by behaving irresponsibly. The Acting CHAIR. The time of the gentleman has expired.
