WASHINGTON, D.C. – Today, the House of Representatives voted on H.R. 807, a bill that would ensure Chinese bondholders are paid before American soldiers in the case of a government default.
After the vote, Congresswoman Carol Shea-Porter issued the following statement:
“I strongly oppose this deeply irresponsible legislation. Middle class families can’t pick and choose which bills to pay, and neither should Congress.
“H.R. 807 guarantees that if Republicans push our nation into default, bondholders from China and the Cayman Islands would be paid before America’s veterans, Medicare providers, and small businesses.
“Instead of playing chicken with our nation’s credit rating, Congress should act responsibly and pay the bills that it has incurred. I, once again, call on Speaker Boehner to appoint budget conferees so Congress can compromise on a sensible budget that ends sequestration, helps create jobs, and responsibly reduces the deficit.”
Congresswoman Annie Kuster also released a statement after her vote:
“This bill is nothing more than a plan to default on our nation’s obligations, plain and simple,” Kuster said. “It sets the stage for yet another manufactured crisis that would prioritize payments to China and other foreign creditors over our obligations to seniors on Medicare, veterans, and the men and women of our Armed Forces.”
“Rather than simply bracing for default, both parties need to work together to reduce the deficit in a balanced way that will help create jobs, grow the economy, and strengthen the middle class,” Kuster added. “As we do, Congress must reassure creditors and the American people that our government will continue to meet its obligations and avoid a catastrophic default. Any suggestion that we would even consider doing otherwise would be irresponsible, undermine confidence in our government, and put our credit rating at risk.”
