Debt Limit Extension--1986: Hearing Before the Committee on Finance, United States Senate, Ninety-ninth Congress, Second Session, July 15, 1986
U.S. Government Printing Office, 1986 - Debts, Public - 33 pages
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accumulated action amendment amount approximately August 15 authority avoid Bank basis Baucus believe benefits bill billion budget cash Chairman checks commitment committee Congress continue debt ceiling debt limit December default default in August deficits Department discussed disinvestment DOLLARS early enacted ESTIMATED Federal debt Federal Reserve Board figures Finance fiscal going Gould Government gross hearing honor House income taxes increase the debt indicate interest investment issue least legislation mean meet Moreover national debt normalized tax transfer obligations operate Packwood paid pass payments percent period possibility present prior PRIVATELY problem projections proposal public debt question raise record redeem redemptions result Secretary securities held Security trust funds Senator Durenberger Senator Long Senator Moynihan Senator Pryor September Sethness situation Social Security trust statement statutory Thank transfer Treasury unable understand United
Page 2 - CHARLES O. SETHNESS, ASSISTANT SECRETARY FOR DOMESTIC FINANCE, DEPARTMENT OF THE TREASURY, ACCOMPANIED BY JERRY MURPHY, FISCAL ASSISTANT SECRETARY Mr.
Page 6 - For example, last year a senior trust fund manager testified to the House Banking Committee that: Investors, both domestic and foreign, would flee from the Government bond market if there were a default, and confidence in the credit of the United States would only painfully be restored.
Page 11 - American government to do what it says it will do, and the trust of the American people and the rest of the world that the United States will honor its commitments is essential to our well being.
Page 2 - DIRR. Thank you, sir. I am sure I will be able to finish in less time than is alloted to me because I know your pressure of work. We are very appreciative of having this opportunity to appear before you. I have a prepared statement which has been submitted. I ask that it be included in the record. The CHAIRMAN. Without objection, the entire statement will be included in the record. (The statement referred to follows:) STATEMENT...