Huffman Speaks On House Floor Against “Pay China First Act”

May 08, 2013


WASHINGTON­— Congressman Jared Huffman (D-San Rafael) spoke on the House floor today in opposition to the Full Faith and Credit Act (H.R. 807), which prepares our country for default by prioritizing payments to Wall Street and foreign governments over nearly every other national obligation.

“We’ve seen the disastrous effects on our credit rating, our stock market, our economic recovery when Congress plays political games with the debt ceiling. But here we go again,” sad Congressman Huffman, a member of the House Budget Committee. “Why would my colleagues across the aisle prioritize paying the Chinese government over paying our troops in Afghanistan? What about air traffic controllers, FBI investigators, disabled veterans, small businesses who contract with the government, doctors who treat Medicare patients?”

This bill, if enacted into law, would put many obligations at risk, including those to:

o   1.4 million active duty troops and 780,000 activated reserves and National Guard

o   3.4 million disabled veterans who served their country with honor

o   1.3 million veterans who receive education or home purchasing assistance

o   American small businesses that sell goods and services to the government

o   Doctors and hospitals that treat the 50 million Medicare patients around the country

Video of Congressman Huffman’s floor speech is available here: 

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Congressman Huffman’s full remarks are below:

Floor Statement of Congressman Jared Huffman
May 8, 2013

Mr. Speaker, I rise to oppose the impossibly misnamed Full Faith and Credit Act, a bill which would actually make a mockery of our country’s full faith and credit. It prepares our country for default by prioritizing payments to Wall Street and foreign governments over nearly every other national obligation.

Now, we’ve seen the disastrous effects on our credit rating, our stock market, our economic recovery when Congress plays political games with the debt ceiling. But here we go again.

Why would my colleagues across the aisle prioritize paying the Chinese government over paying our troops in Afghanistan? What about air traffic controllers, FBI investigators, disabled veterans, small businesses who contract with the government, doctors who treat Medicare patients? This bill says it’s OK to stiff all of them as long as Chinese bondholders are paid in full.

Mr. Speaker, it’s time to move forward with House-Senate negotiations on a final budget resolution that strengthens the economy and avoids default. That’s what we’ve been asking Speaker Boehner to do. But instead of taking that responsible step, we’re here today considering a bill that would take us closer to the brink of economic chaos.

For the sake of American workers and businesses, I urge my colleagues to reject this dangerous bill, and I yield back the balance of my time.