Richard Neal

Mr. NEAL

Mr. NEAL. Mr. Speaker, I was unable to make votes due to unforeseen circumstances. Had I been present, I would have voted YEA on Roll Call No. 228 and YEA on Roll Call No. 229.

Mr. NEAL

Mr. NEAL. Mr. Speaker, I would like to take this opportunity to extend my warmest congratulations to Ms. Wonderlyn D. Murphy, President of City Enterprise, Inc. in Springfield, Massachusetts, for her recent honor by the Small Business Administration as the 8(a) Graduate of the Year. This prestigious award stands as a testament to Ms. Murphy's hard work, unwavering dedication, and a relentless commitment to excellence within the government, municipal, and commercial construction sectors. Under her able leadership, City Enterprise has experienced remarkable growth and made significant contributions to the industry, earning the respect and admiration of our community. The SBA 8(a) Graduate of the Year award is not just a recognition of City Enterprise's impressive growth, but also an acknowledgment of Ms. Murphy's commitment to social and economic development within the community. The impact of her contributions has been significant and enduring, and her success story serves as an inspiration to other entrepreneurs, motivating them to pursue their dreams with vigor and determination. Mr. Speaker, I would like to extend my sincerest congratulations to Ms. Murphy on this hard-earned recognition. Her dedication, leadership, and service to her community embodies the very spirit of American entrepreneurship, and I have full confidence that City Enterprise will continue to flourish and reach even greater heights under her leadership.

Mr. NEAL

Mr. NEAL. Mr. Speaker, I would like to extend my warmest congratulations to Mr. Jim Sullivan and Mrs. Kelly Sullivan, President and Vice President of Millennium Press in Agawam, Massachusetts, for recently being recognized by the Small Business Administration as the Small Business Persons of the Year. The achievement of Mr. and Mrs. Sullivan is a testament to their unwavering dedication, diligent work, and remarkable leadership at Millennium Press. With a devoted team of 15 full-time employees and one part-time employee, they have successfully built a flourishing business that not only delivers exceptional services to its clients, but also cultivates a supportive and collaborative work environment for their staff. Their commitment to providing top-notch service while maintaining a culture of teamwork and mutual respect is a model for small businesses across the nation. The Sullivan's accomplishments serve as an inspiration to other entrepreneurs and small business owners who strive to achieve a similar level of success in their respective fields. I have no doubt that Millennium Press will continue to thrive and reach even greater heights under their leadership. Mr. Speaker, I would like to extend my sincerest congratulations to Jim and Kelly Sullivan for their hard-earned recognition. Their dedication, leadership, and service to their community embodies the very spirit of American entrepreneurship, and I wish them many more years of success and prosperity.

Mr. NEAL

Mr. NEAL. Mr. Speaker, I demand a recorded vote.

Mr. NEAL

Mr. NEAL. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong opposition to the default on America act. The chairman just mentioned something that is noteworthy. He said, We are seeing a Republican plan, and for the next hour, we intend to make sure America gets a chance to see the Republican plan. A reminder for those who might be paying attention to this debate today as to how we traveled on this road which, by the way, is eminently manageable through negotiation after a clean debt ceiling vote might take place. So our Republican colleagues, I think--and I might be mistaken. You know what? I am sure. They voted for more defense spending. $800 billion we are now at with defense spending. They voted for pandemic relief. They voted for aid to Ukraine. How about the million and a half new veterans that we have in America in the aftermath of the war in Iraq and Afghanistan? They deserve our care, and our Republican colleagues voted for that aid. Republican Members, some of whom voted for the infrastructure bill, some of them who voted for the legislation on the Inflation Reduction Act, and some of them who voted for the CHIPS Act--that is what is in front of us at this moment. Here is the real ringer, Mr. Speaker. In December of 2017--and I hope everybody pays attention to this argument--they voted to borrow $2.3 trillion over 10 years for the purpose of giving a tax cut to the wealthiest among us with, by the way, modest to limited economic growth. Why is that important? Because there has been $10 trillion worth of tax cuts over the last 25 years. Do you want me to recite it? President Bush's tax cut in 2001, $1.3 trillion. They came back in 2003, another trillion, and subsequently presided over the invasion of Iraq and Afghanistan, which we should note the cost of which are in the trillions of dollars today. They want us to believe that this problem that we have in front of us--which I mentioned is manageable--they want us to believe that this is the Democratic position on spending after they embraced the tax cuts that I have just described. This is about America's credit. What ever happened to the Republican Party that talked about probity as it related to financial stability? Whatever happened to the Republican Party that talked about the importance of investment? These arguments that they make now are largely vacuous because it is inconsistent with the Republican Party I knew when I came to Congress. They could borrow money for the Iraq war month after month to keep it off budget so nobody would see what it was really about. They could borrow money repeatedly, and the moment a Democrat gets to the White House they are blamed for inflation. I don't think Joe Biden should be blamed for inflation in the United Kingdom. How about Germany? That is how empty these arguments are that they are making. There is a chance for us to do what we used to do here--and by the way, Democrats responsibly voted for raising the debt ceiling three times under the former President because we thought it was the responsible thing to do. Speaker McCarthy got himself into this by the promises that he made along the way. The suggestion here is very simple, Mr. Speaker. Pass a clean debt ceiling and then let's get on with negotiating. Bill Clinton, on January 19, 2001, had balanced the budget four times, projected surpluses in the trillions of dollars and 22 million new jobs. The Republican Party gave it away through tax cuts to wealthy people. They are asking us today the following--they get to set the fire and then call the fire department because that is what this argument is about. Mr. Speaker, I reserve the balance of my time.

Mr. NEAL. Mr. Speaker, my point was and is Republicans voted for the PATH Act, as we did, and the bill is due. Mr. Speaker, I yield 1 minute to the distinguished gentleman from New York (Mr. Jeffries), the minority leader in the House of Representatives, a champion of long-term worthwhile investments.

Mr. NEAL. Mr. Speaker, I thank the gentlewoman from Virginia for calling attention to these tax credits. Talk about fortuitous timing, Mr. Speaker, here is the author of these tax credits, all $370 billion, along with Earl Blumenauer. We intend to lay out where these tax credits are going to in Republican districts and see if those Members wish to take advantage of those tax credits or not. Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), who is a veteran.

Mr. NEAL. Mr. Speaker, I yield 2 minutes to the gentlewoman from Massachusetts (Ms. Clark), the minority whip and a great talent in the Democratic Party.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Doggett), a longtime observer and critic of Republican spending plans in the House.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Oregon (Mr. Blumenauer) who had a profound impact on writing the tax credits that the gentlewoman from Virginia acknowledged a moment ago.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from New Jersey (Mr. Pascrell), a champion of Medicare, Social Security, and renewable energy.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Davis), who has been a leader in terms of adoption opportunities for those outside the mainstream.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Virginia (Mr. Beyer), whose knowledge of economics is second to none in this institution.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentlewoman from Washington (Ms. DelBene), one of the most talented Members of this institution.

Mr. NEAL. Mr. Speaker, I include in the Record a letter from Mr. Pascrell. Congress of the United States, House of Representatives, Washington, DC, March 8, 2023. Hon. Kevin McCarthy. Speaker of the House, Washington, DC. Dear Speaker McCarthy: Our most basic duty as Members of Congress is to protect the well-being and security of our constituents. If Republicans block America from paying our bills, it would be a gross betrayal of our governing responsibility and invite cataclysmic damage to our economy. Therefore, I call on the House to advance legislation to raise our debt limit and prevent a second Great Depression. It has been 48 days since the United States reached its current statutory limit and the Treasury Department began taking extraordinary measures to prevent a default. On February 15, the Congressional Budget Office raised the specter of a default as soon as July without urgent congressional action. Congress has acted to raise or suspend the debt ceiling 49 times under Republican presidents and 29 times under Democratic presidents. This is a bipartisan responsibility. According to the Council of Economic Advisors (CEA), if the debt ceiling is not raised, Social Security checks will come to a halt and seniors will be without means to eat or turn on the heat. Medicare reimbursements will freeze, leaving tens of millions of Americans unable to pay for essential medical care. Our veterans will see their health care cut off. It gets worse. The collapse of available credit would send shockwaves through the economy, leading to a bank run and a decimation of small businesses. The cost of borrowing would soar, leaving new homebuyers locked out of the housing market and causing regular people to lose everything. The jobless rate would skyrocket, with millions of Americans losing their jobs and elevated unemployment lingering indefinitely. Markets would be thrown into a postulated that the impact of default would be ten times worse than the 2008 recession. Republican-precipitated default would be just as devastating for the global economy. America's treasury debt is considered the world's safest asset and the dollar acts as the globe's reserve currency. World confidence in our entire economy would be irreparably wounded by default. When Republicans put our Nation's credit on the line, the result has been widespread turmoil and suffering. After Republicans threatened to breach the debt ceiling in 2011, Standard and Poor's downgraded the U.S. long-term credit rating for the first time in history. Private sector hiring froze, job growth withered, and consumer sentiment dropped to its lowest level in 30 years. The Government Accountability Office (GAO) estimated that federal borrowing costs increased by about $1.3 billion, while the Bipartisan Policy Center estimated that the 10-year cost to taxpayers was a staggering $18.9 billion. In 2013, when Republicans tried this play again, our Nation experienced an annualized 0.25 percentage point reduction in annualized fourth quarter's gross domestic product growth, resulting in an estimated 120,000 lost jobs. Investors stopped accepting Treasury bonds as collateral for short-term transactions, and the government was forced to pay higher interest rates at auction. Treasury's borrowing costs on securities increased by an estimated $38-to-$70 million, and rates for commercial paper also rose, disrupting private markets. After Republicans yet again menaced our Nation's credit in 2015, the Treasury Department postponed the release of a new 2-year bond due to lack of demand, and was forced to reduce bill issuance, leading to a drop of $210 billion in bill supply. The full faith and credit of America is not a bargaining chip to be gambled whenever Republicans want to reverse policy they don't like. Refusal to let our Nation pay its bills would lead to a domino effect of catastrophic proportion. The effects of failing to raise the debt ceiling are real, tangible, and would be felt by every American family and business. Given these risks, I ask: where is the Republican plan to raise the debt ceiling and when can we expect its consideration before Congress? Sincerely, Bill Pascrell, Jr. Member of Congress.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Pennsylvania (Mr. Evans), whose city is home to some of the most important retirement plan management opportunities in all of America.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Schneider), an individual who is well known for his proficiency in accounting procedures.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Nevada (Mr. Horsford), a very capable gentleman.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Maryland (Mr. Hoyer), one of the most capable people that I have had a chance to serve with in Congress.

Mr. NEAL. Mr. Speaker, I yield an additional 30 seconds to the gentleman from Maryland.

Mr. NEAL. Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Pallone), who comes from the same class as the last two Members, the class of 1988, a very talented lot.

Mr. NEAL. Mr. Speaker, may I inquire as to how much time is remaining.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Georgia (Mr. David Scott), a very distinguished and capable gentleman.

Mr. NEAL. Mr. Speaker, I thank the chairman for acknowledging the role that the child tax credit played in that statistical analysis. Mr. Speaker, I yield 1 minute to the gentleman from New York (Mr. Goldman), a new and very capable Member of this House.

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Chu), a member of the Ways and Means Committee.