Sander Levin

Mr. LEVIN

Mr. LEVIN. I yield 2 minutes to the gentleman from New York (Mr. Crowley).

Mr. LEVIN. I now yield 2 minutes to another member of our committee, the gentleman from Illinois (Mr. Davis).

Mr. LEVIN. I now yield 2 minutes to another distinguished member of our committee, Mr. Blumenauer, from the State of Oregon.

Mr. LEVIN. Madam Speaker, how much time is remaining on each side, please?

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

Mr. LEVIN. I continue to reserve the balance of my time.

Mr. LEVIN. I now yield 1 minute to the gentlelady from Texas (Ms. Jackson Lee).

Mr. LEVIN. How much time do I have remaining?

Mr. LEVIN. I yield myself the balance of my time. I am from Michigan, and 75 years ago, a predecessor brought forth ideas that at long last we would lift the shame of millions of Americans who go to bed without health care. Since that time, the numbers have grown. Today, there are over 50 million. There was a reference to children. How many children today go to bed without a stitch of health care? Millions. How many women today go to bed without any health care coverage? We provided for seniors, and we have, so far, left most everybody out who needs some health care. Then someone has the nerve to come forth and say there isn't enough money to implement--when Republicans won't provide that money. Someone comes forth here and says there isn't the money to cover those with preexisting conditions, and Republicans won't provide the money to provide further help for those people. You talk about repeal and replace. The disgrace here is you're fixed on repeal, and you never have come forth to satisfy the needs and the conscience of the people of this country. That's a disgrace. This bill is a disgrace. The Republican conduct on this has been disgraceful. I yield back the balance of my time.

Mr. LEVIN

Mr. LEVIN. Mr. Speaker, I rise today to recognize the newly installed Beverly Hills Veterans Memorial which will be dedicated in Beverly Park on Memorial Day 2013. In May of 2011, Paul Kleppert and Ron Berndt attended the city's Memorial Day Parade and Service. After the moving annual tribute to area veterans, they imagined a monument which would permanently memorialize the men and women who have served and, in some cases, given the ultimate sacrifice, to protect their fellow residents. The community supported their vision and gave generously. The monument was funded with 99% private funds. In fact, they raised so much money that they were able to purchase a large, full standing, black granite monument with engraving on both sides. It will read, ``In Honor of All the Men and Women of Beverly Hills who Served in the Armed Forces of the United States of America,'' with the official seals of the five branches of the Armed Services beneath and an American flag etched in the background. As the community of Beverly Hills commemorates this milestone monument, I ask all of my colleagues to join me in thanking not only the veterans of Beverly Hills, Michigan but all of the veterans across this free country, for their dedicated service. I congratulate the residents, elected officials, and businesses as they celebrate the veterans, the heroes amongst them, preserve their rich local heritage, and look forward to growing the monument in the future.

Mr. LEVIN

Mr. LEVIN. Madam Speaker, I yield myself such time as I may consume. I wanted to state the facts here so everybody understands them. We have called this--as the Speaker has, in essence--Paying China First, and so many others, except for Social Security beneficiaries, come last, come next, if at all. And here's the reason: of the prioritized debt covered by this bill, 47 percent is foreign owned, and China bondholders are the largest ones of that foreign ownership. So, essentially, what this bill says is, okay, let's pay China and the other foreign bondholders first, not American troops, not disabled veterans, not physicians, providers who treat Medicare patients, not small businesses holding contract obligations from the United States, school lunch programs secondary, medical research, Pell grants, taxpayers due refunds, and, interestingly, other Federal trust funds holding Treasury bonds, Medicare, deposit insurance, et cetera, et cetera. That's the fact. That's the fact. So why do this? Well, it is said let's do this because of the importance of paying the bonds in terms of our economy and in terms of our bond rating. Let me just say a word about bond rating. Here's what Fitch has said: It is not assured that the Treasury would or legally could prioritize debt service over its myriad of other obligations, including social security payments, tax rebates, and payments to contractors and employees. Arrears on such obligations would not constitute a default event from a sovereign rating perspective, but very likely prompt a downgrade even as debt obligations continued to be met. It was interesting that S&P, who already downgraded us, said this: Still, sudden cuts that shave off, say, 6 percent of the GDP-to-spending ratio would cause economic panic and could affect ratings. So, why is this being done when a former Bush administration economist said the result is ``a bloody mess,'' or another Bush administration official said ``prioritization is impossible.'' Is the government really going to be in the position of withholding benefits, salaries, and rent contract payments in order to pay off Treasury bondholders? So why is this being done? It's not going anywhere in the Senate. The President opposes it. I think the reason, apparently, it's being done is to satisfy some within the Republican caucus or maybe to try to provide some leverage in terms of bargaining with the Democrats. This is playing with fire, though, with the economy of this country. Those who vote for playing with this fire are going to burn themselves. But I think most significantly, they're going to burn the economy of the United States of America. I've tried to figure out who the Pied Piper is of this proposition. It's hard to figure it out. But those who followed that Pied Piper in the Republican ranks, those who vote for it essentially are moving towards the cliff following that Pied Piper; but, worse off, it places this country once again and its economy in danger of going over the cliff. This is not only a mistaken idea, it's really a rotten one. Let's vote ``no.'' I reserve the balance of my time.

Mr. LEVIN. It is now my pleasure to yield 3 minutes to our distinguished whip, the gentleman from Maryland (Mr. Hoyer).

Mr. LEVIN. I yield the gentleman an additional 1 minute.

Mr. LEVIN. I yield myself 10 seconds. Now, this bill not only contemplates default--it plans for it. Default is default is default. I yield 1\1/2\ minutes to the distinguished former chairman of our committee, the gentleman from New York (Mr. Rangel). (Mr. RANGEL asked and was given permission to revise and extend his remarks.)

Mr. LEVIN. I yield the gentleman an additional 30 seconds.

Mr. LEVIN. Madam Speaker, I yield myself 15 seconds. I want the record to be clear: of the public debt prioritized by this bill, foreign holders own 47 percent and China holds 22 percent of that. I now yield 1\1/2\ minutes to another distinguished member of the Ways and Means Committee, Mr. McDermott. (Mr. McDERMOTT asked and was given permission to revise and extend his remarks.)

Mr. LEVIN. I now yield 1\1/2\ minutes to the gentleman from Georgia (Mr. Lewis), another very distinguished member of our committee.

Mr. LEVIN. I now yield 1\1/2\ minutes to the gentleman from Massachusetts (Mr. Neal), another very distinguished member of our committee. (Mr. NEAL asked and was given permission to revise and extend his remarks.)

Mr. LEVIN. I now yield 1\1/2\ minutes to the gentleman from Connecticut (Mr. Larson), another distinguished member of our committee.

Mr. LEVIN. I yield 1\1/2\ minutes to the gentleman from Oregon (Mr. Blumenauer), another distinguished member of our committee.

Mr. LEVIN. I yield 1\1/2\ minutes to the gentleman from Wisconsin (Mr. Kind), another distinguished member of our committee.

Mr. LEVIN. I yield 1\1/2\ minutes to the gentleman from the great State of New Jersey (Mr. Pascrell), another distinguished member of our committee.

Mr. LEVIN. I now yield 1\1/2\ minutes to another member of our committee, the distinguished gentleman from New York (Mr. Crowley). (Mr. CROWLEY asked and was given permission to revise and extend his remarks.)

Mr. LEVIN. It is now my real pleasure to yield 2 minutes to the ranking member on the Budget Committee, the gentleman from Maryland (Mr. Van Hollen).

Mr. LEVIN. I now yield 1\1/2\ minutes to a distinguished Member, the gentlewoman from Pennsylvania, Allyson Schwartz.