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Peter W.
Democrat VT 0

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  • No Budget, No Pay Act of 2013

    by Representative Peter Welch

    Posted on 2013-01-23

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    WELCH. I thank the gentleman.

    We have sharp differences in this body on taxes, on spending, on the best path forward to resolve our fiscal situation. Those are fairly legitimate debates, but there should be absolutely no daylight between us on meeting our obligation to pay our bills. There should be no linkage between the obligation to pay our bills and getting our way on contentious issues in dispute among us.

    This is just like a person with a credit card who buys a refrigerator. At the end of the month when the credit card bill arrives, they've used the refrigerator, they see they're above their credit limit, they don't tear up their credit card. What they do is they stiff their credit card company.

    {time} 1220 We have to pay our bills. That is not negotiable. A year ago August when we went through this spectacle with this linkage, we suffered our first downgrade in the history of the country. That is outrageous. And it's going to cost taxpayers money. If we mess around with the debt ceiling, creating uncertainty as to whether this is a political tool and gimmick, a 1 percent increase in interest rates will cost the taxpayers $1 trillion.

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