September 28, 1979
Page 26690
Mr. MUSKIE. Mr. President, the Senate is now considering H.R. 5369, a bill to provide for a temporary increase in the public debt limit to $879 billion for the period from October 1, 1979 to May 31, 1980. This increase is necessary to allow the Treasury to proceed in an orderly manner with its borrowing activities that finance the operations of the Federal Government.
Mr. President, the bill also amends the rules of the House to provide a new procedure to link the establishment of the public debt limit to the congressional budget process beginning in fiscal year 1981.
While I understand the concern of House Members to develop a more reasonable procedure for approving periodic changes in the public debt limit, aspects of the proposed change raise some serious questions.
First, if the proposed changes in the House rules are enacted, the effect would be to amend the Budget Act, since the bill adds new requirements for the content of the House report on a budget resolution and the statement of managers accompanying any conference report on a budget resolution.
Such procedures have not been subject to hearings or consideration by the budget committees.
Second, the proposed changes could potentially disrupt consideration of budget resolutions in the two Houses by adding the public debt level to the deficit as another target for opponents.
Mr. President, these measures were hastily developed without full consultation on both sides.
The new procedures must be watched closely to see how they will be implemented in the House.
Mr. President, I will not oppose this bill since the new procedures apply only to the House but I did wish to express my concerns to the Senate.