THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE RESOLUTION

INTRODUCED BY CURRY, BRIGGS, V. BROWN, CALTAGIRONE, HORNAMAN, KORTZ, M. O'BRIEN, DONATUCCI AND PASHINSKI, AUGUST 10, 2011

REFERRED TO COMMITTEE ON STATE GOVERNMENT, AUGUST 10, 2011  

A RESOLUTION

Encouraging the United States Congress to increase the debt

limit before the August 2, 2011, deadline to avoid default on

its legal obligations.

WHEREAS, The Federal debt limit is the total amount of money

that the United States Government is authorized to borrow to

meet its existing legal obligations, including Social Security

and Medicare benefits, military salaries, interest on the

national debt, tax refunds and other payments; and

WHEREAS, Raising the Federal debt limit allows the government

to meet those existing legal commitments to investors, seniors,

soldiers and millions of other Americans; and

WHEREAS, The United States Department of the Treasury has

employed and exhausted all extraordinary measures to extend the

nation's borrowing authority until August 2, 2011; and

WHEREAS, Failing to increase the Federal debt limit would

cause the United States Government to default on its legal

obligations – an unprecedented event in American history; and

WHEREAS, Inaction would have catastrophic economic

consequences and would likely send shock waves through the

underpinnings of the financial system that would possibly ripple

out to individual investors and consumers; and

WHEREAS, Failing to increase the Federal debt limit would

cause severe hardship for American families as the government

would have to stop, limit or delay payments on a broad range of

legal obligations, including Social Security and Medicare

benefits, military salaries, interest on the national debt, tax

refunds and many other commitments; and

WHEREAS, Defaulting on those legal obligations would also

call into question the full faith and credit of the United

States Government; and

WHEREAS, The United States has never been in a position where

it cannot pay all its bills as Congress has always acted when

called upon to raise the debt limit since 1960; and

WHEREAS, To date, the United States has enjoyed its AAA

credit rating in part for having always stood behind its debt

and paid its bills on time; and

WHEREAS, Standard & Poor's has warned it would downgrade the

United States' top AAA rating within weeks of the August 2

deadline; and

WHEREAS, The longer the crisis drags on, the worse conditions

will get; therefore be it

RESOLVED, That the House of Representatives encourage the

United States Congress to increase the Federal debt limit before

the August 2, 2011, deadline in order to avoid default on its

legal obligations; and be it further

RESOLVED, That a copy of this resolution be transmitted to

the presiding officers of each house of Congress and to each

member of Congress from Pennsylvania.