Minutes but in no event shall debate continue beyond 1 50 p. M. The chair recognizes the gentleman from washington, mr. Eck, for five minutes. The chair recognizes the gentleman from mississippi for ive minutes. Mr. Speaker, i rise today to honor the courage, sacrifice and service of members of the greatest generation from my district. Mr. Palazzo mr. Albert and mr. Jones. Mr. Al i first met mr. Albert in the honor flight which brings them to washington to see their memorial. I had the opportunity to speak with mr. Albert at the victory of japan Day Anniversary ceremony in hawaii. Here i learned art was serving as a machinist on the u. S. S. Missouri on september 2, 1945, where he witnessed the japanese formally surrender to the United States, ending world war ii. It h he would disagree, reflects not on his service but the greatness of our nation as a whole. Mr. Palazzo through his service and quiet work, hes brought honor to himself, the state of mississippi and the United States of america. I am honored to have him as a constituent and to have the opportunity to know him both as a person and as an enduring example of the values that have ade america great. Last month, another of my constituents, john broundsville, celebrated his 90th birthday. Beginning in october of 1943, mr. Roundsville served for 28 months in the Pacific Theater of operations he served aboard an l. C. I. Gun boat assigned to the Pacific Theater and participated in numerous campaigns earning his unit an impressive six battle stars for world war ii service, including the Navy Unit Commendation award. Although it has been over 70 years since his time in the pacific, mr. Roundsville remembers his entire tour and speaks of it often. Like the American Flag that has been proudly planted in his front yard for decades, i take great pride in representing world war ii veterans like mr. Roundsville who belongs to a generation who whose sacrifices preserved our freedom and liberated the world from tyranny and oppression. I ask my colleagues to join me in thanking john roundsville and art albert for their courage and bravery and their service to this great nation. I wish to extend my heartfelt gratitude to both of these great americans, their families, and congratulate them on their dedicated service to the United States of america. Mr. Speaker, i yield back. The speaker pro tempore the gentleman yields back. He chair lays before the house an enrolled bill. The clerk h. R. 774, an act to strengthen Enforcement Mechanisms to stop illegal, unreported, unregulated fishing to amend the tuna conventions act of 1950 to implement the Antigua Convention and for other urposes. The speaker pro tempore pursuant to clause 12a of rule 1, the chair declares the house in recess until 2 00 work on a measure dealing with research into dyslexia. Also debate on a procedural matter regarding the reauthorization of the Exportimport Bank, this maneuver would seek to bring the bill up for consideration you without going through the customary committee process. No action on effort to discharge the exic bank expected in the house until 6 30 eastern. There will be 20 minutes of debate and then vote. It could have dilatory tactics. That tweet coming from chad regarding the Exportimport Bank debate. The senate also back today at 3 00. Lawmakers set to work on judicial nomination. More debate planned on a cybersecurity information sharing bill. You can see the senate on our companion network, cspan2. Todays White House Briefing gets under way at 12 45 eastern today. We are planning live coverage here on cspan. Until then a discussion on this mornings washington journal with the Concord Coalition policy director, Joshua Gordon. He talked about whether or not lawmakers should raise the debt ceiling. The a discussion about debt ceiling with Joshua Gordon of the concorde coalition. He is their policy director, good morning. How do you its limited ceiling to people how you explain the debt ceiling to people . Guest it is the amount of money the u. S. Is allowed to borrow. Once we hit this limit, the Treasury Department can do a bunch of things to extend our time, and that it needs to be raised and then it needs to be raised. The debt ceiling has actually no connection to our spending and tax policies. Just because we have the ceiling, whether to raise it or not has nothing to do with the fiscal policy of the country. We have already made decisions on how to tax and spend and this just lets us pay the bills enough for we come into and thats where we come into some tricky situations. Host what is the current ceiling and what is being asked for the new ceiling . Guest the current ceiling is around 18 trillion. Its not entirely clear what is being asked, im not sure if there is being asked. You try to raise it for as much is possible to get you past a certain day. What they will probably try to do is raise the ceiling above the amount necessary to get through the next election. Host what happens if we go past the ceiling . Whats the most Immediate Response . Guest we are already passed it, so at this point, we are basically and the Treasury Department is running out of moneyo do to move around enough to where we can continue borrowing. The Treasury Department says we will reach that point where they cant do anything in the next week or so, and thats the real urgency right now. Host if a deadline is not reached, these other measures in place by the Treasury Department take place. What else happens . Who gets affected . That the real concern is you actually dont know the have 50 because we billion changing hands every day at this point. You could just get to the point where the Treasury Department just cant move the money around and we are out of options to borrow for the money that we need to spend on a specific day. No one really knows what happens when you get to that point, because it has never happened for more than 24 hours and that was by accident 30 years ago. No one really knows what happens if you run out of space other than it looks really bad and the Financial Markets get very upset. Then we are in Uncharted Waters. Host should lawmakers raise the ceiling . That is what we are talking about with Joshua Gordon. If you want to ask questions about how the debt ceiling works, what happens if he passes or what the implications are. 202 7488001 for republicans. 202 7488000 for democrats. 202 7488002 for independents. I wanted to just found some things off you and your response. You kind of reference this but i wanted to expand, increasing the debt limit does not authorize future spending or funding programs, it merely enables us thatper obligations congress is already occurred incurred. Guest we have a congressional budget process and sometimes it works and sometimes it does not, but you have both parties, deciding spending and revenue decisions for the next 10 years, how much we will spend on defense, how much we spend on transportation and education, so they make those decisions through the budget process. They decide what level of taxation we will have, then they pass a bill that funds the government through the next year. In the course of making those decisions, we tend to wind up spending more than we take in. That leads to the deficit. In order to make of that money, we borrow on the open market and that borrowing is what pushes us to the National Debt and we have this very old debt ceiling that in put in place accidentally 1917. In addition to deciding what levels of taxes and spending we have, they have to occasionally raise the ceiling. The need to raise debt ceiling is depending on the taxing and spending decisions Congress Already made, sometimes decades ago. If we are not raising taxes to pay, we have to borrow the money and that borrowing is what causes us to bump against the debt ceiling. Host i suppose you hear the analogy of the Household Budget where they say that way tog apply the federal budget, how it does its business . Guest it takes a little bit longer to do that. To be makingess responsible taxing and spending decisions, and not borrow more and more money every year. They have made the decision to borrow, and really what we are doing is paying the credit card bills. It would be like saying to the creditor company, i know i bought these plane tickets, but i just dont have this much money coming in and how about i just not pay you this month . Wouldedit card company not look very kindly on that, and its the same thing. U. S. Government has a credit card. They raise their debt of the open market, so we can teach our creditors, or does not going to pay you this month we cant say to our creditors, were just not going to pay you this month. Host jack also writes about what happens after november 30. We have cash available to fund an enterprise, not enough with our net expenditures to reach as much as 60 billion. Should e business would run itself this way and the government should be no different. Guest it is hard to disagree with that, and its just letting the urgency of the moment come through. At what dayte sure you run out of room to make these large transactions. The real key is congress tasted just raise the limit and get us out of these dire straits, because again, as he said, you really dont want to mess with this and leave it to the last minute. Even have to studies of when we approached the debt limit showed that just by getting close, we are costing the country money, just the opposite of what the people who dont want to raise the debt ceiling want to support, they dont want us to keep borrowing. We have to keep borrowing more and more through just these crises, so it itself is very fiscally irresponsible. Host is he saying that after the deadline, the department runs cash on hand . Would have to happen is right away, you would probably not be able to pay some bills. In the Financial Markets, if you are a company and your reach the point where you can pay some bills, you are basically considered to be defaulted. If it only happens for a day or two, we will of have we will of had defaulted on some payments. This is sending a signal to investors that wraps its not as you thought and that that that would cost us and penalize us as a country for a long time, not just over the short span of disagreement. Host Joshua Gordon, talking about the debt limit. First call is from philip, republican line. Caller i would like to see them get back to the real world like we are, living with our bills. Did we have a crisis under obama when he went and close down the monuments and close down the parks . He was just trying to make it hard on the people and the media just took off, blame the republicans, blame the republicans. He did not have to close down the parks, but he wanted to hit the American People when they are going on vacation and try to hurt them. Thats this whole theory. I dont believe he loves this country. That . Anything from guest there are two issues happening. You have this debt limit, then you also have from the government on the basis and not funding the government, not is what leads to the Government Shutdown where the national otherclosed and nonessential functions of the government basically shut down. Those are two different things. The Government Shutdown, happens occasionally and that is a disagreement between it or the houses of congress or congress and the president on how much we should be spending. That is actually a disagreement that is important for congress to work through. That is much more regular and something we can handle much easier than the debt limit reach breach which would be Uncharted Waters and really hurt us. Host john from South Carolina, good morning. Early branch . Caller yes. Ask thelike to security wassocial going to be paid . Isitll pass a debt limit, Social Security still been a be paid . Guest i dont think its clear which payments we would be able to make an which payments we would not be able to make. I think ultimately, the longer a breach goes on, the longer we dont increase the debt ceiling, the greater the chances of us not being able to pay Social Security benefits, just like would not be able to pay any of our cash outlays. I think there is some discretion about what payments go out, but again, its not entirely clear what would happen. I know the Treasury Department has said that they are not really sure how to their Computer System they would figure out what departments would go first in line. Matter what happens, really, the Social Security payments, they are important to those people receiving them, but the crisis of but the crisis of financing these as a country would be really much worse than what would happen if Social Security payments were delayed for a week or two. We are talking about a real Global Financial uncertainty that we have experienced only in times of market crisis and recession in the past. This is something that would be kind of a on purpose in some degree and its unclear exactly what would happen. Host in new jersey, this is bill. Caller good morning. Im glad you took my call. I just turned on the show a few minutes ago so i did not see anybody who called before. With respect to the National Debt, a lot of people get the National Debt and deficit confuted the National Debt is the money we borrow to keep things going. I do not know why they want to raise the National Debt. For things, why do we have to keep borrowing money every year to pay for the things to run the government . Now people in congress and the president are all talking about, we are going to cut the National Debt. In 10 years, we are going to cut it 1 trillion. That is ridiculous. You do not know what is going to happen in those 10 years for what youre going to have to spend money on. You should not have to borrow money on anything other than an emergency. Y iscountries acting like a person using a credit card to pay off another credit card. You cant do that. The country will fall apart. Explain theu differences between debt and deficit and why this matters in the discussion . Guest sure. Every year, we taken money through taxes and we put it toward spending programs. Any, we spend more that we take bring in, thats the deficit. Around 40as billion. When you add up all of our annual deficits throughout history, you basically get our debt. Spendingr that we have more than taxes, we have to par borrow and pay for that deficit and you added up and thats the debt. We cannot borrow at the rate that we are projected to. We are projected to have borrowing grow much higher than it is now. There borrowing out 75 of the economy. The 250 ofed to the economy, which would be doubled the largest that we have had an history. That projection is what scares people the most about our fiscal policy. I think that is the important debt to get past these ceilings and to get focused on the longterm challenge of this increasing debt over the next 304 years. The deficit has been cut since 2009 and percentage of gdp. As this affected the political fight over the debt limit . If it hasm not sure affected the political fight over the debt limit, but it is true that the debt has gone drowned o down dramatically since 2009, but that was when we were borrowing more than we had in the past. That was about 1. 4 trillion we borrowed in 2009 and again in 2010 and 2011 and that is because the recession was so deep that we were not collecting as much taxes from people because they were not working and spending money on their paychecks to the government. Spending more during the recession to help a smooth out the path of the recession. As the economy has gotten better, we have been able to lower the deficit. The real challenge is what happens in the longterm. Trend a that deficit lowering one, or do you see it in the future . Guest they say it will remain at this level in a few more years and go back at again with the more structural problems with the budget start taking hold. Will have an older population and more people getting Social Security and medicare and we are not raising the revenue to pay for those benefits. Our deficits are going to grow because of that and not because of another recession or an increase in more spending. Its really the natural course of our budget now that will take us to larger and larger deficits unless we change our tax spending policies to bring that under control. Gordon ofjoshua the concorde coalition, here is pat from new jersey. I would just like to know that given the fact that we routinely raise the debt limit every time we bump up against it, why canno cant we just repl the legislation that giv gave us the debt limit . It has no impact on her spending decisions. Its a real distraction. Borrow what you need in front the money you need and eventually we are going to have to face our problems. Thank you. Host Robert Samuel said in an oped today that dont the debt ceiling. It is obvious that the federal debt ceiling has outlived it once usefulness at wha had.