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May-09-2013 13:22printcomments

Vote Alert: Congressman Walden Votes for 'Pay China First Act'

“China is the largest foreign creditor to the United States, holding more than $1 trillion in Treasury debt as of March, U.S. data shows.” - Reuters

Greg Walden
primarymycongressman.com

(WASHINGTON DC) - Congressman Greg Walden just voted to pay Chinese bondholders ahead of American troops and veterans, and our doctors and hospitals. Instead of solving problems and making sure the nation avoids default, Congressman Walden voted for a plan that says China is the first to be paid if a default happens.

In an interview this week, House Speaker John Boehner admitted that this plan would ensure that bondholders in China, Iran and the Cayman Islands would be paid before American troops, disabled veterans, doctors and hospitals treating Medicare patients, and American small businesses.

“Congressman Walden’s misplaced priorities have reached a new low— he is even prioritizing paying millionaire Chinese bondholders before American troops, veterans and the middle class families in Oregon,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “Congressman Walden and his Republican Congress continue to throw the U.S. economy into a default crisis and their latest ploy is to pay China’s bondholders instead of U.S. troops. The people of Oregon need a true problem-solver to stand up for them, not Congressman Walden’s ideology and out-of-touch agenda.”

BACKGROUND

Congressman Walden Voted for the “Pay China First Act.” [HR807, Vote #142, 5/09/13]

U.S.’s Largest Foreign Creditor Is China. “China is the largest foreign creditor to the United States, holding more than $1 trillion in Treasury debt as of March, U.S. data shows.” [Reuters, 6/08/11]


John Boehner On Debt Ceiling: Let's Pay China First, Then U.S. Troops.  “House Speaker John Boehner (R-Ohio) on Tuesday essentially agreed with Democrats' arguments that a Republican bill to prioritize debt payments would put China before U.S. troops -- except he suggested that would be a good thing.During an interview with Bloomberg TV, Boehner was asked about this week's vote on the Full Faith and Credit Act, which, in the event that the U.S hits its debt ceiling, would direct the treasury secretary to pay only the principal and interest owed to bondholders before making any other payments. Money for other payments, such as those for veterans, Medicare and national security, would have to be divvied up from what remained of the scarce federal funds.  […] When show host Peter Cook asked if Boehner's comments mean that, as Democrats have suggested, Republicans are basically choosing to pay China before paying U.S. troops, Boehner didn't disagree. “Listen. Those who have loaned us money, like in any other proceeding, if you will, court proceeding, the bondholders usually get paid first. Same thing here," Boehner said. Notably, the description of a court proceeding where bondholders get paid first is not just any court proceeding. It's a bankruptcy court proceeding.” [Huffington Post, 5/7/13]

·         Headline: John Boehner On Debt Ceiling: Let's Pay China First, Then U.S. Troops [Huffington Post, 5/07/13]

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