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H.Doc.104-133 PROPOSED LEGISLATION: ``TO INCREASE THE PUBLIC DEBT LIMIT'' ...


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        104th Congress, 1st Session - - - - - - - - - - - - House 
Document 104-132


 
                           VETO OF H.R. 2586

                               __________

                                MESSAGE

                                  from

                   THE PRESIDENT OF THE UNITED STATES

                              transmitting

 HIS VETO OF H.R. 2586, A BILL TO PROVIDE FOR A TEMPORARY INCREASE IN 
             THE PUBLIC DEBT LIMIT, AND FOR OTHER PURPOSES

<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>


   November, 13, 1995.--Message and accompanying bill ordered to be 
                                printed
To the House of Representatives:
    I am returning herewith without my approval H.R. 2586, a 
bill that would provide a temporary increase in the public debt 
limit while adding extraneous measures that have no place on 
legislation of this kind.
    This bill would make it almost inevitable that the 
Government would default for the first time in our history. 
This is deeply irresponsible. A default has never happened 
before, and it should not happen now.
    I have repeatedly urged the Congress to pass promptly 
legislation raising the debt limit for a reasonable period of 
time to protect the Nation's creditworthiness and avoid 
default. Republicans in the Congress have acknowledged the need 
to raise the debt limit; the budget resolution calls for 
raising it to $5.5 trillion, and the House and Senate voted to 
raise it to that level in passing their reconciliation bills.
    This bill, however, would threaten the Nation with default 
after December 12--the day on which the debt limit increase in 
the bill would expire--for two reasons:
    First, under this bill, on December 13 the debt limit would 
fall to $4.8 trillion, an amount $100 billion below the current 
level of $4.9 trillion. The next day, more than $44 billion in 
Government securities mature, and the Federal Government would 
be unable to borrow the funds to redeem them. The owners of 
those securities would not be paid on time.
    Second, the bill would severely limit the cash management 
options that the Treasury may be able to use to avert a 
default. Specifically, it would limit the Secretary's 
flexibility to manage the investments of certain Government 
funds--flexibility that the Congress first gave to President 
Reagan. Finally, while the bill purports to protect benefit 
recipients, it would make it very likely that after December 
12, the Federal Government would be unable to make full or 
timely payments for a wide variety of Government obligations, 
including interest on the public debt, Medicare, Medicaid, 
military pay, certain veterans' benefits, and payments to 
Government contractors.
    As I have said clearly and repeatedly, the Congress should 
keep the debt limit separate from the debate over how to 
balance the budget. The debt limit has nothing to do with 
reducing the deficit; it has to do with meeting the obligations 
that the Government has already incurred.
    Nevertheless, Republicans in the Congress have resorted to 
extraordinary tactics to try to force their extreme budget and 
priorities into law. In essence, they have said they will not 
pass legislation to let the Government pay its bills unless I 
accept their extreme, misguided priorities.
    This is an unacceptable choice, and I must veto this 
legislation.
    The Administration also strongly opposes the addition of 
extraneous provisions on this bill. Items like habeas corpus 
and regulatory reform are matters that should be considered and 
debated separately. Extraneous issues of this kind have no 
place in this bill.
    The Congress should pass a clean bill that I can sign. With 
that in mind, I am sending the Congress a measure to raise the 
permanent debt limit to $5.5 trillion as the Congress called 
for in the budget resolution, without any extraneous 
provisions.

                                                William J. Clinton.
    The White House, November 13, 1995.
H.R. 2586

  One Hundred Fourth Congress of the United States of America, at the 
 First Session, Begun and Held at the City of Washington on Wednesday, 
  the Fourth Day of January, One Thousand Nine Hundred and Ninety-five

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SEC. 2009. MISCELLANEOUS PROVISIONS.

    (a) Effective Date.--Except as otherwise provided, this Act 
and the amendments made by this Act shall take effect on the 
date of enactment.
    (b) Severability.--If any provision of this Act, an 
amendment made by this Act, or the application of such 
provision or amendment to any person or circumstance is held to 
be unconstitutional, the remainder of this Act, the amendments 
made by this Act, and the application of the provisions of such 
to any person or circumstance shall not be affected thereby.

                                   Newt Gingrich,
                                           Speaker of the House of 
                                               Representatives.
                                   Al Gore,
                                           Vice President of the United 
                                               States and President of 
                                               the Senate.
    I certify that this Act originated in the House of 
Representatives.
                                   Robin H. Carle, Clerk.
                                   (By) Linda Nave, Deputy Clerk.



Pages: 1

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