Vote Explanation for H.R. 692
Today the House passed the Default Prevention Act (H.R. 692). I voted against H.R. 692.
This bill would allow the U.S. Treasury to continue to borrow once the debt limit is reached but would create many additional problems. It would prioritize payment to our largest creditors — including China — as well as allow our government to continue paying Social Security benefits to seniors. However, the legislation leaves out the authority for the Treasury to make payments on other benefits that our government owes, including benefits to veterans as well as active duty service members. This includes the 70,000 veterans living in El Paso and the over 30,000 soldiers and their families stationed at Fort Bliss.
The Full Faith and Credit of the United States should never be in doubt. Congress should pass a clean debt ceiling bill that allows the Treasury to make good on all of our commitments and pay the bills for spending that has already been approved by Congress.
Although H.R. 692 passed the House and is now pending in the Senate, the President has said he would veto the bill.