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Hudson Votes to Eliminate the Threat of Default

FOR IMMEDIATE RELEASE
October 21, 2015
 
Hudson Votes to Eliminate the Threat of Default
 
WASHINGTON, D.C. - U.S. Representative Richard Hudson (NC-08) released the following statement after voting for the Default Prevention Act (H.R. 692) to eliminate the threat of default by prioritizing payments on public debt and to Social Security recipients:
 
“If Democrats in Washington can’t agree to stop spending money our country doesn’t have and we reach the debt ceiling, today’s legislation will eliminate the threat of default. Maybe with default off the table, we can have a serious discussion about the drivers of our debt and liberals will stop ignoring the critical spending issue facing America.”
 
H.R. 692 requires the Secretary of the Treasury to continue to issue debt outside the limit after the debt limit is reached in order to pay principal and interest on the national debt and securities held by the Social Security trust funds, which would remove the threat of default on United States’ Treasury debt. The bill also prohibits any newly issued debt authorized under this bill from being used to pay Members of Congress.
 
H.R. 692 further requires the Secretary to submit a weekly report to Congress, if he or she is exercising authority granted under this Act, on the national debt and interest obligations.
 
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