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110334 1 (1979-09-11)

handle is hein.gao/gaobadyib0001 and id is 1 raw text is: 020 11033q UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 FOR RELEASE ON DELIVERY EXPECTED AT 10:00 A.M. TUESDAY, SEPTEMBER 11, 1979 STATEMENT OF ELMER B. STAATS COMPTROLLER GENERAL OF THE UNITED STATES BEFORE THE [ HOUSE COMMITTEE ON WAYS AND MEANS 5 - = 0= ON THE GENERAL ACCOUNTING OFFICE'S REPORT: LA NEW APPROACH TO THE PUBLIC DEBT LEGISLATION SHOULD BE CONSIDERED3 Mr. Chairman and Members of the Committee: We are pleased to be here to discuss with you our recent report on adverse effects that occurred when the temporary ceiling on the public debt expired in August 1978 and April 1979. The report also discusses the Treasury's limited ability to cope with this problem if it occurs again for longer than a few days. The potential for adverse effects has long been recognized by the Congress. In our report, we have attempted to place a price tag on past actions that were necessary to deal with the delays in increasing the debt ceiling. At the committee's request, the report also discusses the very serious consequences that could develop from a potential, though unlikely , Govern- ment default which could result from future congressional delays in acting on the public debt ceiling legislation. Our report recommends an approach to public debt legislation that I dis- cussed when I testified before the Subcommittee on The Rules

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