Home > 104th Congressional Documents > H.Doc.104-133 PROPOSED LEGISLATION: ``TO INCREASE THE PUBLIC DEBT LIMIT'' ...

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


Google
 
Web GovRecords.org







        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

<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>

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

Other Popular 104th Congressional Documents Documents:

1 T.Doc.104-3 EXTRADITION TREATY WITH JORDAN ...
2 H.Doc.104-13 COMPARABILITY PAYMENTS FOR GENERAL SCHEDULE EMPLOYEES FOR CALENDAR YEAR 1995 ...
3 H.Doc.104-198 VETO OF H.R. 1833 ...
4 T.Doc.104-17 CONVENTION FOR THE PROTECTION OF PLANTS ...
5 H.Doc.104-271 VETO OF H.R. 2909 ...
6 H.Doc.104-83 VETO OF H.R. 1158 ...
7 H.Doc.104-153 SUSPENSION OF SANCTIONS IMPOSED ON THE FEDERAL REPUBLIC OF YUGOSLAVIA ...
8 H.Doc.104-206 APPROPRIATIONS ACT, 1996, CONCERNING THE TONGASS NATIONAL FOREST ...
9 H.Doc.104-228 THE 1996 ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE ...
10 H.Doc.104-47 INTENTION TO ADD THE WEST BANK AND GAZA STRIP TO THE LIST OF ...
11 H.Doc.104-65 AMENDMENTS TO THE FEDERAL RULES OF CRIMINAL PROCEDURE ...
12 H.Doc.104-127 REQUEST TO MAKE AVAILABLE EMERGENCY APPROPRIATIONS ...
13 H.Doc.104-186 FIVE PROPOSED RESCISSIONS AFFECTING THE DEPARTMENT OF DEFENSE ...
14 H.Doc.104-171 MAKING AVAILABLE APPROPRIATIONS ...
15 H.Doc.104-18 CUMULATIVE REPORT ON RESCISSIONS AND DEFERRALS, DECEMBER 1, 1994 ...
16 H.Doc.104-87 TERMINATING A SUSPENSION OF EXPORT TO THE PEOPLE'S REPUBLIC CHINA ...
17 H.Doc.104-6 STATUS REPORT ON THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA ...
18 H.Doc.104-122 VETO OF H.R. 1854 ...
19 H.Doc.104-136 CUMULATIVE REPORT ON RESCISSIONS AND DEFERRALS, NOVEMBER 1, 1995 ...
20 H.Doc.104-112 CUMULATIVE REPORT ON RESCISSIONS AND DEFERRALS, AUGUST 1, 1995 ...
21 H.Doc.104-76 STATUS REPORT OF PROLIFERATION OF CHEMICAL AND BIOLOGICAL WEAPONS ...
22 H.Doc.104-92 EMIGRATION LAWS AND POLICIES OF BULGARIA ...
23 H.Doc.104-55 TRUSTEES OF THE FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUND ...
24 H.Doc.104-250 CONTINUATION OF THE NATIONAL EMERGENCY WITH RESPECT TO IRAQ ...
25 H.Doc.104-117 DEVELOPMENTS CONCERNING THE NATIONAL EMERGENCY WITH RESPECT TO IRAN ...
26 H.Doc.104-184 CONTINUATION OF THE NATIONAL EMERGENCY WITH RESPECT TO IRAN ...
27 S.Doc.104-12 SENATE ELECTION LAW GUIDEBOOK 1996 ...
28 H.Doc.104-264 REQUESTS FOR FISCAL YEAR 1996 SUPPLEMENTAL APPROPRIATIONS AND FISCAL ...
29 H.Doc.104-62 REQUESTS FOR EMERGENCY FISCAL YEAR 1995 SUPPLEMENTAL APPROPRIATIONS ...
30 H.Doc.104-233 REVIEW OF THE PRESIDENT'S SIXTH SPECIAL IMPOUNDMENT MESSAGE ...


Other Documents:

104th Congressional Documents Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy