MONTGOMERY, Ala. – On October 21, the Default Prevention Act was voted on by the U.S. House of Representatives, with notable support from Congressmen in Alabama.
The H.R. 692, or the Default Prevention Act, would ensure that the debt of the United States is always paid, and default is always avoided, by ensuring that the Treasury can always borrow for the sole purpose of paying the principal and interest on the debt held by the public, or the Social Security Trust Fund.
Congressman Gary Palmer (R-AL), a member of the House Budget Committee, is a co-sponsor of the bill, and believes that this bill is a significantly better option that simply raising the debt ceiling.
“The federal government needs to get its fiscal house in order,” Palmer said. “Instead, for far too long, we have simply lifted the debt ceiling every time it has gotten in the way of more spending, because the specter of defaulting on our sovereign debt and Social Security recipients not being paid hamper attempts to change our spending habits. This bill would ensure that those obligations are always covered, while not allowing the threat of default to hamstring those who are not inclined to lift the debt ceiling without serious reforms.”
The bill was originally introduced by Rep. Tom McClintock (R-CA), and has gained significant support, including from Congressman Mo Brooks (AL-05). Brooks believes that the Default Prevention Act takes the threat of default “off of the table” and allows the debate to “instead focus on the need to confront our out-of-control spending.”
“Of course, we don’t expect the President to sign this bill into law,” said Brooks. “The Democrats won’t even allow this bill to get a vote in the Senate because they have no desire to face the hard choices necessary to keep our country from bankruptcy. This expectation, however, does not prevent us from doing our duty and helping focus the attention of the American people on the need to live within our means.”
The bill passed the House on Wednesday by a vote of 235 to 194. Congresswoman Martha Roby (R-AL2) was also a co-sponsor of the bill. Every Republican member of the Alabama congressional delegation voted in favor of the bill, while lone Democrat Terri Sewell (D-AL7) voted against it.
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