It is shown that the queuing delay involved in the congestion control algorithm is state-dependent and does not depend on the current time. Then, using an accurate formulation for buffers, networks with arbitrary topologies can be built. At equilibrium, our model reduces to the widely used setup by Paganini et al. Using this model, the delay-derivative is analyzed and it is proved that the delay time-derivative does not exceed one for the considered topologies. It is then shown that the considered congestion control algorithm globally stabilizes a delay-free single buffer network. Finally, using a specific linearization result for systems with state-dependent delays from Cooke and Huang, we show the local stability of the single bottleneck network.