Dave Camp

Mr. CAMP

Mr. CAMP. At this time, I yield 2 minutes to a distinguished member of the Ways and Means Committee, Dr. Boustany.

Mr. CAMP. Madam Speaker, I yield 2 minutes to the gentleman from Arkansas (Mr. Griffin), a distinguish member of the Ways and Means Committee.

Mr. CAMP. I yield an additional 30 seconds to the gentleman.

Mr. CAMP. I yield 2 minutes to the distinguished gentleman from Louisiana (Mr. Scalise).

Mr. CAMP. I yield 2 minutes to the distinguished gentleman from California (Mr. LaMalfa). Mr. LaMALFA I appreciate my colleague from Michigan allowing me to speak here today. My colleague from California, I'm glad to be a cosponsor of this very important measure. ``Full faith and credit,'' what does that mean? What does it mean to the American people? When we ask for them to send us to Washington, to send us to this august place, we're asking for their faith in what we do with their money, with their tax dollars. And so when we report back to them, what does that look like to them? Have we upheld their faith? Have we done everything we can in this Nation to keep the credit rating of America on line? This measure is a giant step towards keeping that faith, to paying our bills on time, to paying the types of things that keep our credit rating in a best possible fashion for our country. We default on that, we put our whole economic system in peril. We drive up the cost of doing business for our government, and more tax dollars it costs to run our government when we do that. We hear talk about pay China first. Well, that's kind of funny, because if we wouldn't do that kind of business with China, if we'd pay attention to our own level of spending and growing the economy of this country instead of having to do things that cause debt to go up higher, we wouldn't be having to contract with them for more debt. So that comes back to this place here, reforming the way we do business. We don't need to run up more debt. We don't need to put ourselves in a position where we can't get together on getting the budget done, on getting the debt ceiling adjusted whatever it takes so we don't fall into this default position. So I think this is a giant step in the right direction. I commend my colleagues for making this happen. And let's uphold the faith that we've asked of the people of this country by paying our bills on time, by paying the debt, the interest that it takes to keep our credit in line as best possible as we can in this country. So this is a measure that deserves support and puts the priorities first. I ask for support for it.

Mr. CAMP. I reserve the balance of my time, Madam Speaker.

Mr. CAMP. Madam Speaker, I reserve the balance of my time.

Mr. CAMP. I would like to include for the Record a letter from the Congressional Budget Office that says this bill has no budget impact. U.S. Congress, Congressional Budget Office, Washington, DC, April 26, 2013 Hon. Dave Camp Chairman, Committee on Ways and Means House of Representatives, Washington, DC. Dear Mr. Chairman: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 807, the Full Faith and Credit Act. If you wish further details on this estimate, we will be pleased to provide them. The CBO staff contact is Jared Brewster. Sincerely, Robert A. Sunshine (For Douglas W. Elmendorf, Director). Enclosure. Congressional Budget Office Cost Estimate H.R. 807--Full Faith and Credit Act H.R. 807 would allow the Department of the Treasury to issue debt to pay principal and interest on debt held by the public and debt held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, if the statutory limit on debt is reached. The bill would require the Treasury to provide a weekly report to the House Committee on Ways and Means and Senate Committee on Finance outlining the exempted transactions until a new debt limit is enacted. CBO estimates that enacting H.R. 807, by itself, would result in no costs or savings to the federal government because it would not change any of the government's tax or spending policies. Therefore, pay-as-you-go procedures do not apply. In addition, CBO estimates that the bill would not significantly add to the Treasury's administrative costs. H.R. 807 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The CBO staff contact for this estimate is Jared Brewster. This estimate was approved by Peter H. Fontaine, Assistant Director for Budget Analysis.

Mr. CAMP. I reserve the balance of my time.

Mr. CAMP. In August of 2010, Chairman Admiral Mullen said that the most significant threat to our national security was our debt. And since that time, we have added hundreds of billions of dollars to our national debt. I reserve the balance of my time.

Mr. CAMP. I have no further speakers.

Mr. CAMP. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I think it's helpful in a debate like this to start with the facts. And I would just say it's illustrative of just how out of touch and irresponsible the other side is when they assert that our debt is $14 trillion. Our debt is over $16 trillion. They've just lost $2 trillion? No wonder they don't think this is an urgent problem. They don't even know what our debt is. This legislation is very similar to 1996, legislation that was passed in a bipartisan vote and was signed by then-Democrat President Bill Clinton. Many States guarantee their government debt, or what is often called their sovereign debt, and they have done that for decades. If we default on our government or sovereign debt, the consequences are so severe that no one gets paid--our military, our seniors, our veterans, our farmers. All Americans deserve a strong economy, and that means getting our debt under control. And let's just clear up another fact. The top two-thirds of our debt is held by Americans and their retirement funds, including the U.S. military retirement fund. Now, one reason we're in this position is that this administration has racked up more than $5 trillion in debt, more than the previous four Presidents added together. That's why we're in this situation. We have a debt problem. This legislation ensures that the debt of the United States will be paid. So I urge support for H.R. 807, and I yield back the balance of my time.

Mr. CAMP. Madam Speaker, I have an amendment at the desk.

Mr. CAMP. Madam Speaker, H.R. 807, the Full Faith and Credit Act, permanently takes default off the table, as we've been debating, but this amendment makes a couple of simple changes. It clarifies that any debt issued pursuant to this bill may not be used to pay salaries of Members of Congress--of the House and of the Senate. It also makes clear that each and every time the Secretary of the Treasury uses the authority provided in the bill, that the Secretary must report weekly on the amount of debt issued and the reason for the issuance to ensure transparency so that Congress is fully informed. So I urge support for my straightforward amendment and support for the underlying bill and reserve the balance of my time.

Mr. CAMP. I reserve the balance of my time.

Mr. CAMP. I reserve the balance of my time.

Mr. CAMP. Madam Speaker, I yield myself the balance of my time. I just wanted to say I also have great respect for the gentleman from Maryland who spoke a couple of speakers ago, who is the distinguished minority whip. We have worked closely together on other issues as well. I would just say that this legislation is very similar to legislation that was passed in a bipartisan way in 1996 and signed by then- President Bill Clinton. So, this is not something that is brand-new in terms of an approach for this Congress to take when dealing and struggling with debt and our debt issues. I think it is also important to remember as we go through this debate that now our debt is larger than our entire economy and that the debt that has been incurred under this administration is larger than the debt of the previous four Presidents. We have a path that is unsustainable that has gotten worse, and this has gone on for far too long. I think it is important, though, that we make these clarifying points in this amount. Clearly, we've heard a lot about demagoguery about who gets paid first. The vast majority of our debt is held by Americans. Americans and the U.S. military retirees will be paid first under this bill; and their retirement funds, their pensions, their savings, that's very important. This is about making sure that the debt of the United States--that the United States has incurred, not the ongoing payments, but the debt of the United States--is paid. That takes default off the table. That allows us then to move forward to get the larger bipartisan solutions on this growing and difficult problem with our debt that we need to address. The amendment makes it clear that Members of Congress' salaries won't be paid, that any debt issued will not pay that. It also makes clear that the Secretary of the Treasury must report weekly on the amount of debt. We need transparency. We often don't get the latest information. We need that, both House and Senate. So, this is a straightforward amendment. It's clarifying. I urge support for the amendment, I urge support for the underlying bill, and I yield back the balance of my time.

Mr. CAMP. Madam Speaker, I reserve a point of order against the motion to recommit.

Mr. CAMP. Madam Speaker, I withdraw my point of order and seek time in opposition to the motion.

Mr. CAMP. Madam Speaker, you know, this body just spent the last hour listening to the other side saying how we can't default. But the irony of this motion to recommit is it actually mandates default. The irony of this motion is that it mandates default that would send our economy into a tailspin. It would ensure that nobody gets paid. Vote ``no'' on this motion to recommit. I yield back the balance of my time.

Mr. CAMP

Mr. CAMP. Mr. Speaker, I rise today to pay tribute to Tom Valliere for his years of service as Midland County Fair Manager. Tom Valliere concluded his 32-year career at the fair this spring. Through his vast wealth of experience and dedication, he has brought an astounding 300,000-350,000 people to the Midland community each year for the fair and other events. Tom was first hired by the Midland County Fair Board as manager in 1980. Since then the fair has seen major changes under his direction. Some of Tom's most valuable contributions to the fair have been his work on modernizing its infrastructure. The fairground now has one of the most revered horse arenas in the area, as well as all-weather facilities for merchants. The fair has also hosted concerts featuring some of the biggest names in music. Although Tom's tenure at the Midland County Fair has come to an end, his place in the community will forever be remembered. On behalf of the Fourth Congressional District of Michigan, I congratulate Tom Valliere for his 32-year career as the Midland County Fair Manager. I wish him well in his much-deserved retirement.

Mr. CAMP

Mr. CAMP. I thank the gentleman for yielding and for his leadership on this issue. Mr. Chairman, I rise in support of a Federal budget that balances so we can strengthen our economy, create more jobs, and allow American workers to start seeing an increase in their paychecks again. I know we can do it. I was a part of a team, a Republican Congress and a Democrat President, that balanced the budget for the first time in a generation. We focused on areas where we agreed and we made some tough choices, and we should do that again. Balancing the budget is not just about the economy. It's about critical programs like Medicare and Social Security and the benefits they provide to millions of Americans. Social Security is already spending more money than it brings in, and the Medicare trust fund is going broke fast. What does that mean? Well, if Congress and the President don't act, America's seniors will face significant benefit cuts. That means smaller Social Security checks, up to 25 percent less, and fewer doctors willing to take Medicare. So what should we do? First, we pass a budget that balances, and that's what Republicans are doing. The Democrat substitute continues a policy of borrowing and spending and raising taxes and never gets to balance. Our budget, with pro-growth tax reform, has been scored by outside experts to create a million jobs in the first year alone. Second, we need to look at the areas where we agree with the President and start making the reforms necessary to save programs like Social Security and Medicare. The President said he's willing to use a different formula, chained CPI, to determine Social Security benefit increases. I know that policy will be included in the RSC budget. It's an area of agreement between the parties. Well, Mr. President, if we agree, then let's do it. The same goes for reducing Medicare subsidies.

Mr. CAMP. The same goes for reducing Medicare subsidies for wealthier seniors. The American people expect us to make progress where we can. Let's not let our differences stand in the way. And if we agree on a policy, let's come together to start protecting and preserving critical programs like Social Security and Medicare.

Mr. CAMP

Mr. CAMP. Mr. Speaker, pursuant to House Resolution 107, I call up the bill (H.R. 890) to prohibit waivers relating to compliance with the work requirements for the program of block grants to States for temporary assistance for needy families, and for other purposes, and ask for its immediate consideration.

Mr. CAMP. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to include extraneous material on H.R. 890.