Washington, DC–(ENEWSPF)–May 9, 2013 – Rep. Jan Schakowsky released the following statement after voting against the “Pay China First Act”:
“Today I voted against yet another risky proposal the Republicans call the “Full Faith and Credit Act,” but is more accurately called the “Pay China First Act.” Despite its name, this bill – which has no chance of becoming law – would actually undermine the full faith and credit of the United States. It would create financial chaos for families, businesses and entire communities – continuing the Republican pattern of lurching from one self-inflicted crisis to another.
“The Republican bill would require paying debts to foreign creditors before paying for other obligations, including pay for our active-duty military, veterans’ benefits, Medicare or Medicaid payments and payments owed to small businesses. By paying China first, this Republican bill creates enormous uncertainty for businesses, world markets, the economy and puts the credit worthiness of the United States at risk. Past Republican game-playing with the debt limit, resulted in the first-ever credit downgrade for the United States in August 2011. Now they are at it again.
“Economists from the left and right have called the Republican plan ‘a bloody mess,’ ‘a political catastrophe,’ ‘deeply disruptive,’ and ‘just can’t be done.’
“Congress should focus instead on putting American families and businesses first by passing a budget that creates jobs and strengthens the middle class, a strategy that will reduce the deficit in a sensible way. I urge Speaker Boehner to immediately appoint conferees to a budget conference committee, and stop playing games which serve only to undermine the economic well-being of our country.”
Source: schakowsky.house.gov
