Payne Statement on Republican “Pay China First” Act

May 9, 2013 Issues: Fiscal Responsibility

Washington, D.C. – Congressman Donald M. Payne, Jr. (NJ-10) released the following statement after voting NO on H.R. 807, the “Pay China First” Act:

“In a completely reckless and political move, Republicans put China first before our troops, disabled veterans, Medicare patients, and small businesses today.  The “Pay China First” Act is yet another irresponsible GOP-manufactured economic crisis that risks the full faith and credit of our country by paying foreign bond holders including China, Iran, and the Cayman Islands before guaranteeing FDIC savings and debt obligations to Social Security, Medicare, and Veterans trust funds.  

“We saw what happened in August of 2011 when the Republicans played chicken with the full faith and credit of the United States and our nation’s credit rating was downgraded and has never been restored. The Republican plan risks a second downgrade, which could be catastrophic to our nation’s overall recovery and economy for generations to come.  Even this very discussion and vote on this piece of legislation puts our nation’s economic certainty at risk, and it is hurting American workers and businesses in the process.

“It has been 47 days since both chambers of Congress have passed a budget. It is time for Republican leaders to show true leadership and appoint budget conferees so that we can create a budget that is focused on jobs, growth, and a stronger middle class.  Democrats are ready to act now to replace all the sequester cuts with a budget that is balanced and fair, that expands our economy, and that responsibly reduces the deficit.”