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Congressman Tom McClintock

Representing the 4th District of California

Debt Limit Debate - Duffy Amendment to H.R. 3442

February 11, 2016

Duffy Amendment to H.R. 3442
February 11, 2016

Mr. Speaker:

    The law that established the Treasury Department instructs it to manage the revenue and support the public credit.  This includes prioritizing payments to assure the national debt is always honored, as the Constitution commands.  Without this, a stalemate on the debt limit could endanger the nation’s credit.

    During recent debates over raising the debt limit, the Treasury Department denied that it can prioritize to preserve the nation’s credit.  Thanks to the Financial Services Committee investigation, we now know that this was a deliberate and calculated lie told to increase political pressure on Congress.  E-mails also revealed that Federal Reserve officials were incredulous and appalled that the administration would make such statements because they ran a severe risk of panicking credit markets.

    This amendment simply requires that when we approach the debt limit, the Treasury Department tell Congress – and the public – what it is actually preparing to do to assure this nation’s creditors that their loans to this government are completely secure.