Hank: Tea Party effort to force default on national debt a disgrace
Thank you, M. Speaker.
America was united in its disgust at the spectacle in Washington during the debt ceiling fiasco.
The Republican threat to force a default ranks among the most reckless and destructive political stunts in modern American history.
It undermined a fragile but recovering economy and reduced faith in the United States. It has also undermined the American people's trust in its political leadership.
There's no reason to have a debt ceiling at all. It doesn’t restrain spending, since the spending has already been committed. It just threatens our credit. It weakens our country.
That’s why I joined Representative Nadler of New York and Representative Moran of Virginia this morning to introduce the Full Faith and Credit Act, a bill to do away with the debt ceiling once and for all.
But if we are going to have a debt ceiling, the threat by Members of Congress to refuse to raise it is an outrage. We’ve already made these commitments. Yet, some would have us default. Some would undermine the full faith and credit of the United States. Some would do irreparable damage to our economy and our standing in the world.
It’s a disgrace. A disgrace. And the American people see it for what it is – part of a concerted effort to undermine this economy in order to undermine this President.
I yield the balance of my time.