I rise in strong opposition to the Republican Pay China First bill, which would jeopardize the full faith and credit of the United States.
This legislation dictates which of our nation's bills we will pay and which we will not, and poses a serious, dangerous threat to our economy. The Republicans put foreign creditors ahead of our veterans, active duty military, Medicare recipients, and small businesses. The Republicans' refusal to pay our Nation's bills inflicts another round of unnecessary wounds that weakened our economy in 2011.
American families, American workers, and American small businesses have battled economic uncertainty for far too long, and this deeply irresponsible legislation will only exacerbate the challenges we face. Instead of moving us closer to common ground on a balanced, responsible path for economic growth, Republicans' brinksmanship threatens to undermine consumer and investor confidence and slows economic growth. I urge opposition to this legislation and instead that we do what we have always done as Americans: pay our bills, pay them on time, pay them in full and protect America's economy and our financial standing in the global economy.