Congressman Mo Brooks (AL-05) voted for House passage of H.R. 692, the Default Prevention Act. H.R. 692 would allow the Treasury Secretary to borrow above the debt limit in order to pay principal and interest (including to the Social Security Trust Fund) on debt held by the public, in the event the statutory debt limit is reached. This takes the threat of default off of the table and allows the debate to instead focus on the need to confront our out-of-control spending.
As grounds for his vote on H.R. 692, Congressman Brooks stated:
President Obama has declared, “In case there’s any confusion, I will not negotiate over whether or not America keeps its word and meets its obligations; I will not negotiate over the full faith and credit of the United States.” Obama continued, “Let's stop the threats, stop the political posturing.”With this statement, President Obama threatens to withhold payment of our sovereign debt obligations if we don’t unconditionally raise the debt ceiling. Congress established a debt ceiling to give fiscally responsible Congressmen the opportunity to negotiate solutions that get us off the path to insolvency and bankruptcy.
If we raise the debt ceiling with no conditions, what purpose does the debt ceiling serve?
This bill makes it crystal clear that the President must prioritize the principal and interest on our sovereign debt, removing the effectiveness of President Obama’s threat.
Of course, we don’t expect the President to sign this bill into law. The Democrats won’t even allow this bill to get a vote in the Senate because they have no desire to face the hard choices necessary to keep our country from bankruptcy.
This expectation, however, does not prevent us from doing our duty and helping focus the attention of the American people on the need to live within our means.
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