Tip:
Highlight text to annotate it
X
TO A COMPROMISE, A COMPROMISE WE
NEED SOON BEFORE THE MARKETS MARKETS
RENDER A TRULY OMINOUS RESULT.
MADAM PRESIDENT, I
WANT TO THANK MY COLLEAGUE FROM
NEW YORK, SENATOR SHIEWRNLINGS
AS WELL AS SENATOR MIKULSKI FROM
MARYLAND FOR COMING TO THE FLOOR
AND SPEAKING ABOUT THE CRISIS
THAT WE FAISSMENTS THE DEBT
CEILING DEFAULT WHICH WILL OCCUR
IN SIX DAYS IF WE DO NOT ACT
WILL HAVE A PROFOUND, NEGATIVE
IMPACT ON AMERICA'S STANDING IN
THE WORLD AND OUR ECONOMY AT
HOME.
IT THREATENS TO STIFLE JOB
CREATION AND TO SLOW DOWN THE
BUSINESS GROWTH THAT WE NEED TO
GET OUT OF THIS RECESSION.
IT IS THE MOST SERIOUS IMPACT
YOU CAN IMAGINE AT A TIME WHEN
RECESSION.
WE ARE FACING THIS KIND OF
THIS DEBT CEIL SOMETHING BEING
EXTENDED OR SHOULD BE EXTENDED
UNDER A LAW THAT WAS PASSED IN
1939 WHERE WE HAVE EXTENDED THE
DEBT CEILING 89 DIFFERENT TIMES
-- 55 TIMES UNDER REPUBLICAN
PRESIDENTS, 34 TIMES UNDER
DEMOCRATIC PRESIDENTS -- AND
DONE IT.
VIRLTLY EVERYVIRTUALLY EVERY PRESIDENT HAS
THE PRESIDENT THAT HOLDS THE
RECORD FOR THE MOST DEBT CEILING
EXTENSIONS IN HISTORY IS RONALD
REAGAN.
RONALD REAGAN EXTENDED THE DEBT
CEILING 18 TIMES IN HIS EIGHT
YEARS.
DURING THAT PERIOD OF TIME,
TRIPLING THE NATIONAL DEBT.
THE NAT PRESIDENT WHO HOLDS THE
NEXT RECORD IS PRESIDENT GEORGE
W. BUSH, WHO DOUBLED THE
NATIONAL DEBT IN HIS EIGHT YEARS
AND RAISED THE DEBT CEILING NINE
TIMES.
THIS SHOULD HAVE BEEN DONE AND
DONE ROUTINELY.
MANY OF THE MEMBERS OF CONGRESS,
HOUSE AND SENATE, WHO HAVE COME
TO THE FLOOR AND SAID WE WILL
NEVER VOTE TO EXTEND THE DEBT
CEILING I THINK ARE NOT BEING
HONEST WITH THE AMERICAN PEOPLE.
THE DEBT CEILING IS PAYING FOR
THINGS THESE CONGRESSMEN AND
SENATORS VOTED FOR.
THEY CAME TO THE FLOOR AND SAID,
LET'S GO TO WAR.
LET'S STAY IN WAR.
LET'S SPEND $10 BILLION A MONTH.
AND THE PRESIDENT SAID, THAT WAS
CONGRESS'S DECISION.
NOW I HAVE TO BORROW THE MONEY
TO KEEP THAT PROMISE.
AND THESE MEMBERS OF CONGRESS
ARE SAYING, OH, NO.
WE DON'T WANT TO HAVE ANY
FINGERPRINTS ON THE DEBT CEILING
EXTENSION.
YOU CAN'T HAVE IT BOTH WAYS.
MEMBERS OF CONGRESS CANNOT ASK
FOR SPENDING AND THEN FAULT THE
PRESIDENT WHEN HE HAS TO BORROW
MONEY TO MAKE IT HAPPEN.
THAT'S EXACTLY WHAT THEY'RE
DOING.
THE PRESIDENT HAS TRIED TO WORK
OUT A BIPARTISAN AGREEMENT TO
CRISIS.
DEAL WITH THIS DEBT CEILING
HE INVITED IN REPUBLICANS AND
DEMOCRATIC LEADERS, WITH VICE
PRESIDENT BIDEN, TO SIT DOWN AND
WORK OUT AN AGREEMENT, A
BIPARTISAN AGREEMENT.
ABOUT FOUR WEEKS AGO THE HOUSE
REPUBLICAN MAJORITY LEADER ERIC
CANTOR OF VIRGINIA STOOD UP AND
WALKED OUT.
HE SAID, I'M WALKING AWAY FROM
THESE BIPARTISAN NEGOTIATIONS.
I'M NOTING ABOUT TO BE PARTY TO
THEM.
LEAVE IT UP TO SPEAKER BOEHNER.
SPEAKER BOEHNER THEN WENT INTO
NEGOTIATIONS WITH PRESIDENT
OBAMA, TALKING BEHIND THE SCENES
ABOUT WAYS TO RESOLVE THIS.
THAT WAS A POSITIVE THING.
BUT THEN HE ANNOUNCED, HE WAS
WALK #-G AWAY FROM NEGOTIATIONS
-- NOT ONCE BUT TWICE, MOST
RECENTLY LAST FRIDAY.
MONDAY NIGHT, TELEVISION SETS
AROUND AMERICA ARE TUNED IN AS
THE PRESIDENT OF THE UNITED
STATES EXPLAINS THIS CRISIS AND
THEN SPEAKER BOEHNER EXPLAINS
HIS POINT OF VIEW.
SPEAKER BOEHNER SAID MONDAY
NIGHT HE HAD A PLAN, A PLAN THAT
WOULD SOLVE THIS CRISIS IN A
RESPONSIBLE WAY.
THAT WAS MONDAY NIGHT.
BUT THEN CAME TUESDAY, AND AS
THE DAWN CAME ON TUESDAY MORNING
AND PEOPLE TOOK A CLOSE LOOK AT
BOEHNER PLAN, HERE'S WHAT THEY
FOUND:
THEY FOUND THAT BUSINESS LEADERS
ACROSS AMERICA ARE SAYING IT WAS
A TERRIBLE IDEA.
THE IDEA AFTER SIX-MONTH
EXTENSION TO THE DEBT CEILING
AND GOING THROUGH THIS MESS
AGAIN AND AGAIN WOULD HARM OUR
ECONOMY.
AND THEN THE CONGRESSIONAL
BOEHNER PLAN.
BUDGET OFFICE TOOK A LOOK AT THE
THEY TALKED ABOUT MONDAY NIGHT
AND THEY SAID IT DOESN'T ADD UP.
IT DOESN'T CUT THE SPENDING THAT
SPEAKER BOEHNER SAID IT WOULD.
AND THEN FINALLY, 100 MEMBERS OF
SPEAKER BOEHNER'S REPUBLICAN
CAUCUS WALKED OUT ON HIM
PLAN.
YESTERDAY SAYING IT WAS A BAD
SO HERE WE ARE.
SIX DAYS AWAY FROM A DEADLINE,
SIX DAYS AWAY FROM A
MANUFACTURED POLITICAL CRISIS.
IT'S TIME TO DO THE RIGHT THING.
SENATE MAJORITY LEADER HARRY
REID HAS A PROPOSAL WHICH
ADDRESSES THIS RESPONSIBLY.
IT CUTS SPENDING AND IT'S
ALREADY BEEN SCORED, HAS IT NOT,
BY THE CONGRESSIONAL BUDGET
OFFICE, AND IT TURNS OUT THAT
UNLIKE SPEAKER BOEHNER'S PLAN,
SENATE MAJORITY LEADER'S HARRY
REID'S PLAN DOES IN FACT CUT
SPENDING TO MOVE US TOWARDS A
BALANCED SITUATION.
SECONDLY, IT EXTENDS THIS BEYOND
THE NEXT ELECTION, BEYOND THE
FRAGILE AND WEAK ECONOMY THROUGH
NEXT YEAR SO WE DON'T PUT OUR
THIS AGAIN AND AGAIN AND AGAIN.
THAT'S A SENSIBLE THING.
IT ALSO CALLS FOR THE CREATION
OF A JOINT COMMITTEE TO DEAL
WITH THE LONG-TERM DEFICIT.
I'VE BEEN INVOLVED IN THIS
CONVERSATION WITH THE DEFICIT
COMMISSION, AND AGAIN WITH THE
GANG OF SIX.
WE CAN DO THIS ON A BIPARTISAN
BASIS IF WE ARE HONEST AND OPEN
WITH OWN ANOTHER.
AND MAJORITY LEADER REID LEAD US
IN THAT DREGS.
SO, MADAM PRESIDENT, WE FACE A
DEADLINE SIX DAYS FROM TODAY.
THE BOEHNER PLAN OF MONDAY NIGHT
HAS DISINTERGREATED BEFORE OUR
EYES.
IT HAS BEEN REJECTED BY BUSINESS
LEADERS.
IT HAS BEEN REJECTED BY THE
CONGRESSIONAL BUDGET OFFICE.
IT'S BEEN REJECTED BY THE HOUSE
REPUBLICAN CAUCUS.
IT IS TIME FOR A LITTLE HUMILITY
ON BOTH SIDES OF THE AISLE FROM
BOTH PARTIES.
LET'S PUT ALL THIS SQUABBLING
ASIDE.
LET'S FOCUS ON AMERICA'S
ECONOMY, PUTTING PEOPLE TO WORK,
SAVING BUSINESSES, AND HANDING
OUR DEBT IN A RESPONSIBLE WAY.
WE CAN DO IT.
WE CAN DO IT IN WE STOP
LISTENING TO THE POLITICAL
EXTREMISTS AND START DEALING
WITH THE CENTER OF AMERICA WHICH
CALLS FOR LEADERSHIP AND WANTS
US TO PUT AN END TO THIS
SQUABBLING.
MADAM PRESIDENT, I YIELD THE
FLOOR.
THE
MAJORITY LEADER.
I HAVE EIGHT
UNANIMOUS REQUESTS FOR
COMMITTEES TO MEET.
THE MAJORITY AND MINORITY
THESE HAVE BEEN APPROVED BY BOTH
LEADERS.
SO I ASK CONSENT THAT THESE
REQUESTS BE DISAGREED TO AND BE
PRINTED IN THE RECORD.
-- BE AGREED TO AND BE PRINTED
IN THE RECORD.
WITHOUT
OBJECTION.
ASK THAT THE SENATE
PROCEED TO EXECUTIVE SESSION TO
CONSIDER CALENDAR NUMBER 194.
THE
CLERK WILL REPORT.
NOMINATION,
DEPARTMENT OF STATE.
GARRY LOC CEVMENT OF WASHINGTON
TO BE AMBASSADOR OF THE UNITED
STATES OF AMERICA TO THE
PEOPLE'S REPUBLIC OF CHINA.
BE CAN --
REID SCRIED THAT THE NOMINATION
I ASK THAT THE
NOMINATION CONFIRMED, THE MOTION
TO RECONSIDER BE LAID ON THE
ORDER.
TABLE, NO FURTHER MOTIONS BE IN
TO THE NOMINATION, AND THAT
SNAIMENTZ RELATED TO THE
NOMINATION BE PRINTED IN THE
RECORD, THE PRESIDENT BE
IMMEDIATELY NOTIFIED AND THE
SENATE RESUME LEGISLATIVE
SESSION.
IS
THERE AN OBJECTION?
WITHOUT OBJECTION.
MADAM PRESIDENT?
THE
SENATOR FROM ARIZONA.
I ASK UNANIMOUS
CONSENT TO SPEAK AS IF IN
MORNING BUSINESS WITH ADDITIONAL
TIME, IF NECESSARY.
WITHOUT
OBJECTION.
MADAM PRESIDENT,
AS THE SENATOR FROM ILLINOIS
JUST POINTED OUT, TODAY WE ARE
SIX DAYS AWAY FROM A POSSIBLE
DEFAULT WHICH COULD PLUNGE THIS
COUNTRY INTO A SERIOUS CRISIS.
IN FACT, THERE ARE SOME WHO VIEW
DAYS.
THAT MAYBE IT IS NOT EXACTLY SIX
IT COULD BE A FEW DAYS MORE.
THERE ARE THOSE THAT ARGUE
SOMEHOW IN A BIZARRE FASHION
THAT SOMEHOW WE COULD PRIORITIZE
OUR PAYMENTS TO THE MOST URGENT
REQUIREMENTS, SUCH AS OUR
SECURITY.
VETERANS, SUCH AS SOCIAL
OTHERS --
I WONDER IF THE GREEK GOVERNMENT
CAME UP WITH THAT SAME PROPOSAL
AS THEY WENT INTO BANKRUPTCY
THAT THEY WOULD PRIORITIZE
SPENDING THAT'S REMAINING?
BUT THE POINT IS -- THE POINT
IS, TODAY WE ARE SIX DAYS AWAY.
THE POINT IS THE MARKETS ARE
JITTERY.
INVESTORS ARE CONCERNED, AND,
MOST IMPORTANTLY, OUR
CONSTITUENTSCONSTITUENTS -- OUR CONSTITUENTS
ARE FRUSTRATED, THEY'RE
CONFUSED, AND THEY'RE ANGRY.
TODAY ON THE FRONT PAGE OF "USA
TODAY," THERE'S A HEADLINE THAT
SAYS, "THE DEBT: WHAT AMERICANS
DEBATE."
THINK ABOUT THE POLITICAL
AND IT GOES ON TO SAY, "JUST GET
IT DONE.
WORK IT OUT."
ANOTHER PERSON SAYS, "I'M SICK
OF IT."
SAYS DAVIS, 73, A RETIRED
ECONOMIST.
"THEY'RE PLAYING GAMES.
HERE WE'RE TRYING TO PULL
OURSELVES OUT OF RECESSION AND
AGREEMENT."
THEY CAN'T COME TO AN
IF ANYONE THINKS THAT THE
REPUTATION AND THE APPROVAL
RATING OF CONGRESS AND THE
PRESIDENCY HAS IMPROVED BECAUSE
DURING THIS SITUATION THAT WE
FIND OURSELVES IN, THEN
OBVIOUSLY THEY ARE OUT OF TOUCH
WITH THEIR CONSTITUENTS AND THE
AMERICAN PEOPLE.
NOT ONLY ARE THE AMERICAN PEOPLE
CONCERNED, NOT ONLY ARE THE
AMERICAN PEOPLE UPSET, BUT I
QUOTE AND ASK TO BE MADE PART OF
THE RECORD AN ARTICLE FROM THIS
MORNING'S PAPER, "THE WASHINGTON
POST" THAT SAYS "FRUSTRATED
EXECUTIVES SAY POLITICAL IMPASSE
SLOWS HIRING AND INVESTING.
BUSINESS LEADERS ARE GROWING
EXASPERATED WITH WASHINGTON AND
SAY THE DYSFUNCTION WITHIN THE
POLITICAL SYSTEM IS HOLDING THEM
BACK FROM HIRING AND INVESTING."
SO WHERE WE ARE IS AVERAGE
AMERICAN CITIZENS ARE WORRIED.
SOCIAL SECURITY RECIPIENTS ARE,
ARE ENTITLED, ARE CALLING OUR
OFFICES, AND THE MARKETS ARE
ALREADY JITTERY.
THERE IS MOST ECONOMISTS BELIEVE
THAT IF WE ALLOW THIS DEADLINE
TO PASS THAT WE WILL SEE A
CRATERING OF THE FINANCIAL
MARKETS, WHICH OBVIOUSLY HAS
SIGNIFICANT IMPACT ON SAVINGS,
ON PEOPLE'S HOLDINGS IN THE
CETERA.
STOCK MARKET, 401(K)S, ET
AND MEANWHILE, MEANWHILE HERE WE
ARE WITH A SITUATION THAT OVER
ON THE OTHER SIDE OF THE CAPITOL
OUR REPUBLICAN FRIENDS ARE
TRYING TO COME UP WITH A
PROPOSAL THAT WILL RECEIVE THE
SUPPORT OF THEIR MAJORITY, AND
OVER HERE WE HAVE INDIVIDUALS
WHO BELIEVE SOMEHOW THAT THERE
IS STILL A CHANCE, AT LEAST IN
THIS CONGRESS, TO PASS A
BALANCED BUDGET AMENDMENT TO THE
CONSTITUTION.
NOW, I WILL TAKE BACK SEAT TO
NONE IN MY SUPPORT OF THE
BALANCED BUDGET AMENDMENT TO THE
CONSTITUTION.
13 TIMES I HAVE VOTED FOR IT.
I WILL VOTE FOR IT TOMORROW.
BUT WHAT IS REALLY AMAZING ABOUT
THIS IS THAT SOME, SOME MEMBERS
ARE BELIEVING THAT WE CAN PASS A
BALANCED BUDGET AMENDMENT TO THE
CONSTITUTION IN THIS BODY WITH
ITS PRESENT REPRESENTATION, AND
THAT IS FOOLISH.
THAT IS WORSE THAN FOOLISH.
THAT IS DECEIVING.
MANY OF OUR CONSTITUENTS, BY
TELLING THEM THAT JUST BECAUSE
THE MAJORITY LEADER TABLED THE
BALANCED BUDGET AMENDMENT
LEGISLATION, THAT SOMEHOW
THROUGH AMENDING AND DEBATE, WE
COULD SOMEHOW CONVINCE THE
MAJORITY ON THE OTHER SIDE OF
THE AISLE TO GO ALONG WITH A
BALANCED BUDGET AMENDMENT OF THE
CONSTITUTION.
THAT IS NOT FAIR.
THAT IS NOT FAIR TO THE AMERICAN
PEOPLE, TO HOLD OUT AND SAY WE
WON'T AGREE TO RAISING THE DEBT
LIMIT UNTIL WE PASS A BALANCED
BUDGET AMENDMENT TO THE
CONSTITUTION.
IT'S UNFAIR, IT'S BIZARRO.
AND MAYBE SOME PEOPLE HAVE ONLY
BEEN IN THIS BODY FOR SIX OR
BELIEVE THAT.
SEVEN MONTHS OR SO REALLY
OTHERS KNOW BETTER.
OTHERS KNOW BETTER.
I AM CONFIDENT, ONE, SOMEDAY WE
WILL PASS A BALANCED BUDGET
AMENDMENT TO THE CONSTITUTION.
I AM CONFIDENT THAT THE
OVERWHELMING MAJORITY OF THE
AMERICAN PEOPLE SUPPORT IT.
THREE, I AM CONVINCED THAT THAT
IS THE ONLY WAY THAT AT THE END
OF THE DAY WE WILL GET SPENDING
UNDER CONTROL, BECAUSE I HAVE
SEEN IN THE PAST CONGRESS
ENACTING VERY STRONG
RESTRICTIONS ON SPENDING, SUCH
AS THE GRAMM-RUDMAN LEGISLATION,
WHICH REQUIRED SPENDING CUTS
WITH INCREASES IN SPENDING, AND
ALL OF THEM FAILED BECAUSE
CONGRESSES CANNOT BIND FUTURE
CONGRESSES.
AND THAT'S WHY I REMAIN
COMMITTED TO A BALANCED BUDGET
AMENDMENT TO THE CONSTITUTION.
BUT TO SOMEHOW THINK OR TELL OUR
CITIZENS THAT IF WE HAVE ENOUGH
DEBATE AND AMENDMENT HERE IN THE
SENATE IN THE SHORT TERM IN THE
NEXT SIX DAYS THAT WE WILL PASS
A BALANCED BUDGET AMENDMENT TO
THE CONSTITUTION IS UNFAIR TO
OUR CONSTITUENTS.
IT'S UNFAIR TO OUR CONSTITUENTS,
FRANKLY, TO COME UP WITH A PLAN,
SO-CALLED REID PLAN, THAT FULL
OF SMOKE AND MIRRORS AND,
FRANKLY, DOES NOT ENTAIL ANY
INCREASE, REAL SPENDING CUTS.
IT'S UNFAIR OF THE PRESIDENT OF
THE UNITED STATES TO LEAD FROM
BEHIND.
IT'S UNFAIR OF THE PRESIDENT OF
THE UNITED STATES NOT TO COME
FORWARD WITH A SPECIFIC PLAN
THAT PERHAPS COULD BE CONSIDERED
BY BOTH BODIES, BUT ONLY TO GO
OUT AND GIVE LECTURES AND ACT IN
AS PARTISAN A FASHION AS I HAVE
SEEN IN HIS ADDRESSES TO THE
AMERICAN PEOPLE.
SO NO WONDER, NO WONDER THE
AMERICAN PEOPLE'S APPROVAL
RATINGS OF THE PRESIDENT AND OF
CONGRESS ARE LITERALLY AT
ALL-TIME LOWS.
SO I WANT TO TALK FOR JUST A
SECOND, FOR A MINUTE ABOUT A
EDITORIAL IN THE "WALL STREET
JOURNAL" THIS MORNING.
THE "WALL STREET JOURNAL" IS NOT
KNOWN TO BE A, ESPECIALLY ON ITS
EDITORIAL PAGE, A LIBERAL
PERIODICAL.
IT'S ENTITLED "THE G.O.P.'S
REALITY TEST."
IT TALKS ABOUT THE DEBT LIMIT IS
HEADING TOWARD A CULMINATION
WITH PRESIDENT OBAMA REDUCED TO
PLEADING TO THE PUBLIC TO
SUPPORT A TAX INCREASE AND
SPEAKER JOHN BOEHNER AND SENATE
MAJORITY LEADER HARRY REID
RELEASING COMPETING PLANS THAT
ARE THE NEXT TO LAST REALISTIC
OPTIONS.
THE QUESTION NOW IS WHETHER
HOUSE REPUBLICANS ARE GOING TO
HELP MR. BOEHNER ACHIEVE
SIGNIFICANT PROGRESS OR IN THE
NAME OF THE UNACHIEVABLE HAND
MR. OBAMA A VICTORY.
MR. OBAMA RECOGNIZES THESE
STAKES, THREATENING YESTERDAY TO
VETO THE BOEHNER PLAN IN A
TACTICAL MOVE TO BLOCK ANY
DEMOCRATIC SUPPORT."
AND IT GOES ON AND TALKS ABOUT,
THIS EDITORIAL, ABOUT THE
TWO-PHASE BOEHNER PLAN.
CONGRESS WOULD AUTHORIZE A TRADE
IN NEW DEBT IN RETURN FOR $1.2
TRILLION.
IT HAS SINCE BEEN SCORED BY THE
C.B.O., AND NOW I BELIEVE THAT
ON THE HOUSE SIDE THEY ARE
STRUGGLING, AND I HOPE WILL
SUCCEED, IN COMING UP WITH A
PROPOSAL THAT WILL AUTHORIZE THE
CUTS THAT WE HAVE ADVERTISED.
BUT I GO ON TO READ, "UNLESS THE
PLAN PASSED, MR. OBAMA COULDN'T
REQUEST THE ADDITIONAL $1.6
TRILLION DEBT CEILING INCREASE
THAT HE WOULD SOON NEED.
THE POLITICAL INCENTIVE IS FOR A
REASONABLE PACKAGE, AND MANY
SENATE DEMOCRATS ALSO DON'T WANT
2012."
TO VOTE FOR TAX INCREASES BEFORE
IT TALKS ABOUT THE CRITICS,
ABOUT PEOPLE PUTTING OUT
STATEMENTS, TELLING REPUBLICANS,
TELLING THE SPEAKER TO COME UP
WITH A BETTER SOLUTION.
USUALLY SENSIBLE CLUB FOR GROWTH
INHERITED ACTION, THE POLITICAL
ARM OF THE HERITAGING FOUNDATION
ARE SCORING A POINT FOR THE
BOEHNER PLAN.
BUT WHAT NONE OF THESE CRITICS
HAVE IS AN ALTERNATIVE STRATEGY.
NONE OF THESE CRITICS HAVE AN
ALTERNATIVE STRATEGY FOR
ACHIEVING ANYTHING NEARLY AS
FISCALLY OR POLITICALLY
BENEFICIAL AS THE BOEHNER PLAN.
THE IDEA SEEMS TO BE IF THE
HOUSE G.O.P. REFUSES TO RAISE
THE DEBT CEILING, A DEFAULT
CRISIS OR GRADUAL GOVERNMENT
SHUTDOWN WILL ENSAOURBGS AND
THE -- WILL ENSUE AND THE PUBLIC
WILL TURN EN MASSE AGAINST
BARACK OBAMA.
THE REPUBLICAN HOUSE FAILED TO
RAISE THE DEBT CEILING WOULD
SOMEHOW SKATE BALL THE CLAIM.
THEN DEMOCRATS WOULD HAVE NO
CHOICE BUT TO PASS A BALANCED
BUDGET AMENDMENT AND REFORM
ENTITLEMENTS, AND THE TEA PARTY
EARTH.
HOBBITS COULD RETURN TO MIDDLE
THIS IS THE KIND OF CRACK
POLITICAL THINKING THAT TURN
SHARRON ANGLE AND CHRISTINE
O'DONNELL INTO G.O.P. NOMINEES.
THE REALITY IS THE DEBT LIMIT
ANOTHER.
WILL BE RAISED ONE WAY OR
THE ONLY QUESTION NOW IS HOW
MUCH FISCAL REFORM AND WHAT
POLITICAL FALLOUT.
IF THE BOEHNER PLAN FAILS IN THE
HOUSE, THE ADVANTAGE SHIFTS TO
MR. REID'S SENATE PLAN WHICH
WOULD RAISE THE DEBT CEILING BY
$2.4 TRILLION IN ONE SWOOP
THROUGH 2012.
THAT WOULD COME WITHOUT A TAX
INCREASE, BUT ALSO $2.7 TRILLION
IN MOSTLY FAKE SPENDING CUTS,
LIKE LESS GOVERNMENT WASTE,
FRAUD, AND ABUSE.
HOW MANY TIMES HAVE WE HEARD
THAT WE'RE GOING TO CUT WASTE,
FRAUD AND ABUSE?
AND A $1 TRILLION SAVINGS FROM
TROOP DRAWDOWNS IN IRAQ AND
AFGHANISTAN THAT ARE ALREADY
BUILT INTO THE BASELINE.
AS FISCAL REFORM, THIS IS WORSE
THAN MR. BOEHNER'S PLAN.
THE SPEAKER'S MADE MISTAKES IN
HIS DEBT NEGOTIATIONS, NOT LEAST
IN TRUSTING THAT MR. OBAMA WANTS
SERIOUS FISCAL REFORMS.
BUT THANKS TO THE PRESIDENT'S
OVERREACHING ON TAXES,
MR. BOEHNER NOW HAS THE G.O.P.
POSITION INSIDE OF A POLITICAL
AND POLICY VICTORY.
IF HIS PLAN OR SOMETHING CLOSE
TO IT BECOMES LAW, DEMOCRATS
WILL HAVE CONCEDED MORE SPENDING
CUTS THAN THEY THOUGHT POSSIBLE
AND WITHOUT GETTING THE G.O.P.
TO RAISE TAXES AND WITHOUT BEING
ABLE TO BLAME REPUBLICANS FOR A
DEBT LIMIT CRACKUP OR ECONOMIC
DAMAGE.
IF CONSERVATIVES DEFEAT THE
BOEHNER PLAN THEY WILL NOT ONLY
UNDERMINE THEIR HOUSE MAJORITY,
THEY WILL GO FAR TO REELECTING
MR. OBAMA AND MAKING
ENTITLEMENTS THAT MUCH HARDER TO
REFORM.
LET ME SAY AGAIN I BELIEVE THAT
THE PLAN CRAFTED BY SENATOR
McCONNELL THAT WOULD CALL FOR
SIGNIFICANT CUTS IN SPENDING,
WHICH WOULD NOT HAVE RAISES IN
TAXES, WOULD IN THE SHORT TERM
BE THE MOST REASONABLE SOLUTION.
I HOPE THAT ON BOTH SIDES OF THE
AISLE WE COULD WORK TOGETHER AND
NEGOTIATE A WAY THROUGH THAT.
BUT I ALSO THINK THE MUCH DRIED
BY SOME -- DERIDED BY SOME IDEA
OF A COMMITTEE COMPOSED OF
MEMBERS OF CONGRESS -- OF
MEMBERS OF CONGRESS ONLY -- FROM
BOTH SIDES OF THE AISLE, FROM
BOTH SIDES OF THE CAPITOL TO SIT
DOWN AND WORK OUT A LONG-TERM
SOLUTION TO OUR FISCAL
CALAMITIES THAT WE ARE FACING,
AND THOSE RESULTS, AND THOSE
RECOMMENDATIONS BY THAT
COMMITTEE BE SUBJECT TO AN
UP-OR-DOWN VOTE ONLY IS THE ONLY
WAY WE CAN GO.
HOW MANY TIMES HAVE WE HAD A
BUDGET RESOLUTION THAT TASKED
THE VARIOUS COMMITTEES TO COME
UP WITH SAVINGS AND ALWAYS THOSE
SAVINGS ARE PHONY OR THEY'RE
DISMANTLED ON THE FLOOR OF THE
SENATE?
THE ONLY WAY THAT WE ARE GOING
TO MAKE THE, HAVE THE COURAGE TO
MAKE THESE CUTS IS WITH A
COMMITTEE COMPOSED OF EQUAL
NUMBER OF REPUBLICANS AND
DEMOCRATS ON BOTH SIDES OF THE
CAPITOL WHO COME UP WITH TOUGH,
TAKEN.
TOUGH MEASURES THAT NEED TO BE
I BELIEVE THAT THE AMERICAN
PEOPLE WILL SUPPORT IT.
AND IF IT IS NOT AN UP-OR-DOWN
VOTE, WE KNOW WHAT HAPPENS
AROUND HERE.
LET'S BE HONEST, SHR ETS SOME --
LET'S HAVE SOME STRAIGHT TALK,
THE SPECIAL INTERESTS PREVAIL
AND THEY WOULD DISMANTLE THE
TOUGH PROVISIONS THIS COMMITTEE
WOULD COME UP WITH.
AND I SAY TO MY FRIENDS ON THIS
SIDE OF THE AISLE, THIS IS A
BALANCED, REPUBLICAN AND
DEMOCRAT.
WE ONLY CONTROL ONE-THIRD OF THE
GOVERNMENT, AND THAT'S THE HOUSE
OF REPRESENTATIVES.
SO IT SEEMS TO ME A BALANCED,
ADVANTAGE.
EQUAL REPRESENTATION IS TO OUR
I JUST WANT TO SAY A WORD AGAIN
ABOUT THE REID PLAN.
FIRST OF ALL, I CONGRATULATE THE
MAJORITY LEADER FOR COMING UP
WITH A PLAN, BECAUSE CERTAINLY
THE PRESIDENT HASN'T.
SPECTRUM AUCTION IS PART OF IT.
THAT'S GOING TO PROVIDE BILLIONS
OF DOLLARS.
I'VE BEEN IN THIS BODY FOR A
CONSIDERABLE PERIOD OF TIME.
I CAN'T TELL YOU THE NUMBER OF
TIMES WE HAVE CALLED FOR
AUCTIONS OF SPECTRUM.
IT'S AN ANNUAL BASIS, A COPOUT
THAT PREVENTS US FROM MAKING
TOUGH DECISIONS.
MOST EGREGIOUSLY, THE MAJORITY
LEADER'S PLAN PROVIDES $1
BILLION TO PAY TELEVISION
BROADCASTERS WHO RETURN UNUSED
TELEVISION BROADCAST SPECTRUM.
A TELEVISION BROADCASTER GOT THE
SPECTRUM FOR FREE.
NOW WE'RE SUPPOSED TO ASK THE
TAXPAYERS TO GIVE THEM $1
BILLION TO GIVE BACK THE
SPECTRUM THAT THEY OWE THAT,
THEY OWN.
AND THEN A -- VERY INTERESTINGLY
SAVINGS IN FREDDY MAC AND FANNIE
MAE.
$30 BILLION IN FREDDIE MAC AND
FANNIE MAE REFORMS.
I WOULD POINT OUT WE'VE ALREADY
SPENT $150 BILLION ON FANNIE MAE
AND FREDDIE MAC THAT WE HAVE
NEVER SEEN THE END OF.
AND THEN OF COURSE THE LARGE
CLAIM THAT THERE'S $1 TRILLION
IN SAVINGS FROM WINDING DOWN THE
WARS IN IRAQ AND AFGHANISTAN,
AND OF COURSE THAT IS PHONY.
EVERYBODY KNOWS THAT WE ARE
WINDING DOWN THE WAR IN
AFGHANISTAN AND IRAQ.
SO, HERE WE ARE SIX DAYS AWAY,
SIX DAYS WAERBGS AND WE -- SIX
DAYS AWAY, AND WE STILL HAVE
MEMBERS OF CONGRESS SAYING WE
HAVE TO PASS A BALANCED BUDGET
AMENDMENT TO THE CONSTITUTION.
WE HAVE MEMBERS ON THE OTHER
SIDE WHO ARE SAYING THAT WE HAVE
TO RAISE TAXES.
WE HAVE A PRESIDENT OF THE
UNITED STATES WHO SO FAR HAS
REFUSED TO COME FORWARD WITH A
DETAILED PLAN OF HIS OWN.
THAT'S CALLED LEADING FROM
BEHIND.
IT'S TIME, IT'S TIME WE LISTENED
TO THE MARKETS.
CONSTITUENTS.
IT'S TIME WE LISTENED TO OUR
BUT MOST OF ALL, IT'S TIME WE
LISTENED TO THE AMERICAN PEOPLE
AND SIT DOWN AND SERIOUSLY
NEGOTIATE SOMETHING BEFORE WE
FACE A SITUATION WHERE WE ARE
DEPRIVING THE AMERICAN PEOPLE OF
THE FUNDAMENTAL RIGHT OF HAVING
A GOVERNMENT THAT DOESN'T
DEPRIVE THEM THE ESSENTIAL
SERVICES, GOODS AND ENTITLEMENTS
WHICH THEY HAVE EARNED.
MADAM PRESIDENT, I YIELD THE
FLOOR.
I SUGGEST THE ABSENCE OF A
QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
I'D ASK UNANIMOUS
CALL.
CONSENT TO VITIATE THE QUORUM
WITHOUT
OBJECTION.
CORK COIRKD AOBJECTION.
MADAM PRESIDENT,
I'M HERE TODAY WITH A SENSE OF
OPTIMISM.
I KNOW THAT ALL OF US ARE VERY
CONCERNED ABOUT WHAT'S HAPPENING
CEILING.
IN OUR COUNTRY, THE DEBT
I KNOW WE'RE GETTING LOTS OF
CALLS FROM CONSTITUENTS.
BUT I WANT TO SAY THAT I THINK
WE'VE MADE REMARKABLE PROGRESS
OVER THE LAST COUPLE OF WEEKS.
I MEAN, IF YOU THINK ABOUT JUST
A COUPLE WEEKS AGO, PEOPLE WERE
CRAFTING LEGISLATION FOR SORT
AFTER A POLITICAL VOTE, IF YOU
WILL, AND I UNDERSTAND THAT.
BUT HERE WE ARE TODAY.
WE ACTUALLY HAVE THE LEADER OF
THE UNITED STATES SENATE, A
DEMOCRAT, WHO HAS PROPOSED A
BILL THAT HAS TO DO WITH
SPENDING.
THE REPUBLICAN LEADER OF THE
HOUSE HAS INTRODUCED A BILL THAT
HAS TO DO WITH SPENDING.
AND, CANDIDLY, I'M KIND OF
UPLIFTED.
WE'RE FINALLY ON THE RIGHT TOPIC
NOW, AND YOU KNOW, CANDIDLY, TO
USE IT A CLOAK COLLOQUIAL TERM FROM
TENNESSEE, WE'RE LEARNING TO
COOK WITH GAS.
ISSUE.
PEOPLE ARE FOCUSED ON THE RIGHT
SO, MADAM PRESIDENT, I WANT TO
SAY THAT, LOOK, WE'VE ALL TALKED
ABOUT THIS AUGUST 2 DATE.
WE'VE TALKED ABOUT THE FACT
THAT, YOU KNOW, OUR DEBT CEILING
HAS TO BE RAISED BY THEFNLT AND
CERTAINLY THERE ARE A LOST
AMBIGUITIES IN THE FINANCIAL
MARKETS RIGHT NOW.
A LOT HAVE BEEN WATCHING THE
TREASURY DEPARTMENT AND THINK
THE TREASURY DEPARTMENT HAS
ACTUALLY MADE SOME WAYS OF
CAUSING THAT TO LAST A LITTLE
BIT LONGER.
BUT I THINK ONE THING WE CAN ALL
AGREE TO IN THIS BODY AT
2.
PRESENT, WE DO HAVE UNTIL AUGUST
I THINK EVERYBODY WOULD AGREE
THAT -- SOME PEOPLE THINK WE
HAVE LONGER.
I THINK THE ONE THING THAT
ALMOST EVERYONE WOULD AGREE WITH
IN THIS BODY THAT WE HAVE UNTIL
AUGUST 2 TO SOLVE THIS PROBLEM,
AND I HOPE WE'LL DO SO.
THE OTHER THING, MADAM
PRESIDENT, THAT'S BECOMING PART
OF SORT OF THE, I THINK, THE
MANTRA AND THE UNDERSTANDING
THROUGHOUT OUR COUNTRY IS THAT
WE -- MANY OF THE FINANCIAL
MARKETS, THE PEOPLE THAT
ACTUALLY BUY OUR TREASURY AS,
THEY'RE NOW NOT AS CONCERNED
ABOUT THE DEBT CEILING -- THEY
WANT IT RAISED; DON'T GET ME
WRONG.
WE ALL UNDERSTAND THAT AUGUST 2
IS THE DATE THAT WE HAVE UNTIL
TO DO THAT.
BUT NOW THEY'RE MORE CONCERNED
ABOUT THE FACT THAT WE MAY RAISE
THE DEBT CEILING AND NOT
ACTUALLY DO THOSE THINGS THAT WE
NEED TO DO TO ACTUALLY GET OUR
DEFICITS IN ORDER.
AND MANY OF THEM -- FIRST OF ALL
WE HAVE THE RATING AGENCIES THAT
ARE SAYING IF WE DON'T GET AT
LEAST $4 TRILLION IN SAVINGS IN
SOME FORM OR FASHION, THEN SOME
OF THEY WILL THEM ARE GOING TO DOWNGRADE
US.
I'M ON THE BANKING COMMITTEE.
OUR FOLKS ARE CONSTANTLY TALKING
WITH FOLKS WHO BUY TREASURIES
MUCH THE ACTUAL PURCHASERS OF
THESE TREASURIES ARE NOW TELLING
US AND OUR OFFICE THAT IF WE
DON'T DO SOMETHING THAT AT LEAST
SHOWS $4 TRILLION IN SAVINGS,
THEN THEY BELIEVE WE'RE -- WE
DON'T HAVE THE POLITICAL WILL TO
DO THOSE THINGS TO CAUSE OUR
COUNTRY TO BE AS WORTHY OF A
BORROWER AND THAT WE'RE GOING TO
BE PAYING MORE IN THE WAY OF
RATES.
SO THE SECOND POINT I'D LIKE TO
MAKERS MADAM PRESIDENT, IS WE
HAVE A PROPOSAL ON THE FLOOR.
I PERSONALLY -- AND I MAY CATCH
SOME GRIEF BACK HOME FOR SAYING
THIS, BUT I THINK SENATOR REID
HAS ACTUALLY TRIED TO PUT
SOMETHING FORTH TO HELP SOLVE
THIS PROBLEM.
I THINK HE'S BEEN WORKING
CLOSELY WITH SENATOR McCONNELL
ON THAT.
I THINK SENATOR BOEHNER -- I
KNOW HE HAS A DIFFERENT SET OF
CIRCUMSTANCES -- IS TRYING TO
SOLVE THIS PROBLEM.
BUT HERE'S THE POINT:
WE'RE AT A POINT PLACE WHERE
WE'RE NOW ACTUALLY TALKING ABOUT
THE RIGHT TOP TYKE AND WE NOW
KNOW IF WE DON'T PUT FORTH A
SOLUTION THAT IS AT LEAST $4
TRILLION IN THE ORDER OF
DOWNGRADED.
MAGNITUDE THAT WE'RE GOING TO BE
IT SEEMS TO ME THAT PEOPLE THAT
ON THE OTHER SIDE OF THE AISLE,
MY DEMOCRAT FRIENDS WOULD NOT
WANT TO SUPPORT A PROPOSAL THAT
EXTENDS THE DEBT CEILING THAT IS
LESS THAN $4 TRILLION BECAUSE
THEIR PRESIDENT WOULD BE
PRESIDING OVER A COUNTRY THAT
WAS DOWNGRADED WHILE HE WAS
PRESIDENT.
AND IT SEEMS TO ME THAT
REPUBLICANS WHO HAVE WORKED HARD
TO PRESS THIS ISSUE -- AND
EVERYBODY HAS GONE THROUGH
TREMENDOUS ACRIMONY AND
CERTAINLY PEOPLE WHO ARE
WATCHING THIS ARE INCREDIBLY
FRUSTRATED AND ANGRY -- IT SEEMS
TO ME THAT REPUBLICANS WHO ARE
ON THE VERGE OF POTENTIALLY
BEING ABLE TO CRAFT SOMETHING
THAT ACTUALLY SOLVES THIS
PROBLEM WOULD NOT EITHER WANT TO
SUPPORT SOMETHING THAT'S LESS
THAN $4 TRILLION.
AS A MATTER OF FACT, I WOULD
MAKE THIS STAIVMENT I THINK IT'S
TRUE.
ANYBODY THAT VOTES FOR A PACKAGE
IN THIS BODY TO ADDRESS THE DEBT
CEILING AND OUR DEFICIT
SIMULTANEOUSLY THAT ISN'T OF THE
ORDER OF MAGNITUDE THAT'S REAL
AND SCORABLE -- THOSE ARE TWO
DIFFERENT DEFINITIONS, REAL AND
SCORABLE -- IS ACTUALLY VOTING
FOR A PACKAGE THAT LIKELY CAUSES
OUR COUNTRY TO BE DOWNGRADED.
SO HERE'S WHAT I WOULD SAY.
WE GOT SENATOR REID WHO'S
OFFERED A PROPOSAL.
THEY'VE SCORED IT, I THINK, AT,
LIKE $800 BILLION.
I KNOW IT SKAS $3 TRILLION.
SENATOR BOEHNER HAS OFFERED A
PACKAGE AND HE, TOO, HAS HAD
PACKAGE.
SOME SCORING ISSUES WITH HIS
IT SEEMS TO ME THAT ALL OF US IN
THIS BODY SHOULD BE PRESSING THE
LEADERS ON BOTH SIDES OF THE
AISLE TO AT LEAST PRESENT A
SCORABLE PACKAGE THAT'S SCORABLE
AND REAL IN THE AREA OF $4
TRILLION -- OR -- DEPENDING ON WHAT
YOU DECIDED TO DO IN THAT
PACKAGE -- IF YOU VOTED TO FOR A
PACKAGE THAT WAS LESS THAN THAT
YOU'D BE CASTING A VOTE TO RAISE
THE DEBT CEILING BUT AT THE SAME
TIME PROBABLY CAST OUR COUNTRY
INTO A SITUATION WHERE WE'RE
DOWNGRADED.
AND THAT DOESN'T MAKE ANY SENSE
TOWTO ME.
DAYS LEFT.
SO, MADAM PRESIDENT, WE HAVE SIX
I KNOW THAT PEOPLE BACK HOME ARE
NERVOUS.
I DID A TELETOWN LAST NIGHT.
WE HAD THOUSANDS OF PEOPLE ON
THE CALL.
PEOPLE ARE ANGRY THAT WE'VE
WAITED THIS LONG TO GET SERIOUS
ABOUT THIS ISSUE.
THEY'RE CONCERNED ABOUT SOCIAL
SECURITY CHECKS, DISABILITY
CHECKS, VETERANS CHECKS.
I UNDERSTAND THAT.
I EMPATHIZE WITH THEM.
BUT WE HAVEN'T QUITE FINISHED
OUR WORK.
AND WE ACTUALLY ARE ON THE RIGHT
TOPIC FINALLY.
AND AGAIN, SENATOR REID HAS
OFFERED A PROPOSAL.
THE HOUSE HAS OFFERED A
PROPOSAL.
ENOUGH.
NEITHER ONE OF THEM ARE STRONG
AND, MADAM PRESIDENT, FOR WHAT
IT'S WORTH -- I KNOW YOU KNOW
THIS -- BUT I'M TALKING TO
AISLE.
PEOPLE ON BOTH SIDES OF THE
AND PEOPLE I THINK ARE READING
WHAT THE MARKETS ARE DOING AND
BECOMING INCREASINGLY CONCERNED
ABOUT CONSIDERING VOTING FOR A
PACKAGE.
I KNOW THE PRESIDING OFFICER
COMES FROM THE CENTER OF THE
UNIVERSITY ASUNIVERSE AS IT RELATES TO THOSE
ISSUES.
PEOPLE ARE RISING UP.
THERE ARE A LOT OF PRIVATE PHONE
CALLS THAT ARE TAKING PLACE.
PEOPLE ARE SAYING, WAIT A
SECOND.
LET'S THINK ABOUT THIS.
THE MARKETS -- WHICH MATTER BY
THE WAY -- ARE NOW SAYING TO US,
THEY KNOW WE'RE GOING TO DEAL
WITH THE DEBT CEILING AND I KNOW
WE ARE -- THEY KNOW WE'RE GOING
TO DEAL WITH THE DEBT CEILING CEILING BY
THE TIME WE HAVE TO.
BUT NOW THEY THINK WE'RE NOT
GOING TO DO SOMETHING THAT'S
ACTUALLY THE REAL SOLUTION.
SO I'M HERE TODAY TO TALKING TO
MY FRIENDS ON BOTH SIDES OF THE
TILE SAY, LET'S COMMUNICATE WITH
OUR LEADERSHIP AND SAY WE'VE GOT
SIX DAYS LEFT.
WE'VE GOT AN OPPORTUNITY TO DO
SOMETHING -- WE'VE ALL BEEN
SAYING THIS -- THAT REALLY DOES
RISE TO THE SEMINAL MOMENT THAT
WE ACTUALLY SOLVE THIS PROBLEM.
THIS IS NOT A REPUBLICAN ISSUE,
IT IS NOT A DEMOCRATIC ISSUE.
IT IS SOMETHING THAT IS GOING TO
AFFECT EVERYBODY IN OUR CUFNLT
AND WE'RE FINALLY, AFTER ALL OF
THIS TIME, FOCUSED ON THE RIGHT
SUBJECT MATTER.
I MEAN, WE REALLY ARE.
AND SO I JUST MET WITH A GROUP
OF SENATORS.
I'M GOING TO MEET WITH ANOTHER
GROUP OF SENATORS IN A LITTLE
WHILE.
LET'S MAKE SURE THAT OUR
LEADERSHIP -- AND LET'S MAKE
SURE ON BOTH SIZES SIZE SIDES OF THIS
CAPITOL -- UNDERSTAND THAT WE
BELIEVE THAT VOTING FOR A
PACKAGE THAT IS LESS THAN $4
TRILLION IN SAVINGS OVER THIS
NEXT DECADE -- THAT'S REAL AND
SCORABLE -- REALLY ISN'T GETTING
THE JOB DONE.
NOW, MADAM PRESIDENT, I WOULD
ASSUME THAT -- I KNOW THAT
SENATOR REID'S APPROACH HAS BEEN
TO DO IT ALL AT ONCE.
MAYBE THERE IS A WAY TO CRAFT A
PACKAGE BETWEEN NODS AND NEXT
TUESDAY THAT PEOPLE ARE VOTE ON
THAT HAS $4 TRILLION IN REAL
SAVINGS.
I THINK THAT MIGHT BE DIFFICULT,
BUT MAYBE SOMETHING IS HAPPENING
BEHIND CLOSED DOORS THAT WE'RE
NOT AWARE OF.
I THINK IT'S -- I KNOW THAT ON
THE OTHER SIDE OF THE BUILDING
PEOPLE ARE CONCERNED ABOUT --
WELL, ACTUALLY ON THE OTHER SIDE
OF THE BUILDING THEY'RE LOOKING
FOR A SHORT-TERM STEFNTLE AND I
KNOW THE PRESIDENT HAS BEEN
CONCERNED CANDIDLY ABOUT A
SHORT-TERM EXTENSION.
IN FAIRNESS, I THINK THE
BUSINESS COMMUNITY AROUND OUR
COUNTRY WOULD BE CONCERNED ABOUT
A LONG SHORT-TERM EXTENSION.
IN OTHER WORDS, ONE THAT CARRIES
OUT MONTHS AND MONTHS AND MONTHS
AND WE STILL DON'T HAVE A
SOLUTION TO THIS PROBLEM.
I UNDERSTAND THAT CREATES THE
KIND OF UNCERTAINTY THAT MANY OF
THE PEOPLE ON MY SIDE OF THE
AISLE AND CANDIDLY PEOPLE ON THE
OTHER SIDE OF THE AISLE TO SOME
DEGREE HAVE TALKED ABOUT AS IT
RELATES TO THE BUSINESS
ENVIRONMENT.
SO, MADAM PRESIDENT, SURE, I'D
LOVE TO VOTE FOR SOMETHING THAT
SOLVED THIS PROBLEM AND DOES IT
ALL IN THE FRONT END.
BUT I ASSUME THAT OUR LEADERSHIP
LEADERSHIP, KNOWING THE ACRIMONY
THAT'S TAKING PLACE -- BUT AT
LEAST WE'RE ON THE RIGHT SUBJECT
MATTER FINALLY -- THE ACRIMONY
THAT'S TAKING PLACE, U.A.E.SSUME
THAT THEYU.A.E. DISHASSUME THAT THEY HAVE SOME
REALLY, REALLY SHORT-TERM SNENGS
THEIR BACK POCKET.
THAT TO THE EXTENT WE DON'T COME
TO THIS CONCLUSION BY NEXT
TUESDAY, THEY'RE TROD PULL OUT
AND THEY KNOW THAT IT'S
BOTH BODIES.
SOMETHING THAT CAN ACTUALLY PASS
MADAM PRESIDENT, AGAIN, I THINK
WE'RE SO CLOSE NOW BECAUSE WE'RE
FINALLY FOCUSED ON THE RIGHT
THING.
I THINK WE'RE CLOSE IT GETTING
TO SOMETHING THAT SOLVES OUR
COUNTRY'S PROBLEMS FOR A WHILE,
CAUSES PEOPLE AROUND THE WORLD
AND THE COUNTRY TO KNOW THAT
WE'RE ACTUALLYING WITH WILLING
-- HAVE THE WILL AND HAVE THE
COURAGE TO DEAL WITH THESE
ISSUES AND AT THE SAME TIME
ADDRESSES THE DEBT CEILING.
SHOULD WE NOT QUITE GET THERE,
SHOULD WE NOT QUITE GLEET BY
THIS--SHOULD WE NOT QUITE GET THERE BY
THIS TUESDAY AND WE'VE TWO
GROUPS OF PEOPLE, I WOULD ASSUME
THAT YOU ARE A LEADERSHIP --
THEY UNDERSTAND WHAT'S AT STAKE
HERE -- HAS IN THEIR BACK
POCKETS A VERY SHORT-TERM
EXTENSION THAT CAN BE USED AS A
BRIDGE TO THE KIND OF SOLUTION
THAT MAYBE TAKES US TO A PLACE
THAT WE CAN ALL AGREE HELPS
SOLVE OUR COUNTRY'S PROBLEMS.
MADAM PRESIDENT, I'VE HEARD
PEOPLE HAVE BEEN COMING DOWN TO
THE FLOOR BACK AND FORTH AND
AISLE.
CRITICIZING EACH SIDE OF THE
I'M ACTUALLY MORE OPTIMISTIC
TODAY -- I'M NOT OVER THE TOP.
BUT I'M MORE HOPEFUL THAN I WAS
TWO WEEKS AGO WHEN WE WEREN'T
EVEN FOCUSED ON THE RIGHT
ISSUES, AT THAT TIME FOCUSED ON
CASTING BLAME, AND NOW WHAT WE
HAVE IS BOTH BODIES LOOKING AT
PACKAGES TO ACTUALLY ADDRESS THE
DEFICIT THAT WE HAVE BEFORE US.
MADAM PRESIDENT, I HOPE THAT
PEOPLE ON BOTH SIDES OF THE
AISLE WILL TALK TO LEADERSHIP,
WILL LET THEM KNOW THAT THEY
HAVE NO DESIRE TO SUPPORT
SOMETHING THAT DOESN'T SOLVE THE
PROBLEM WITH ALL THAT WE'VE GONE
THROUGH AS A COUNTRY AND AS A
BODY OVER THE COURSE OF THE LAST
COUPLE OF MONTHS.
AND I'M HOPEFUL THAT WE'LL
FIGURE OUT A SOLUTION THAT
ACTUALLY MEETS THAT TEST -- IN
OTHER WORDS, AVOIDS THE CRISIS
ON TUESDAY -- AND AT THE SAME
TIME AVOIDS THE CRISIS THAT WILL
OCCUR IF PEOPLE LOOK AT OUR
COUNTRY AS A DOWNGRADED ENTITY
BECAUSE WE HAVEN'T SHOWN THAT
WE'RE WILLING TO AT LEAST DEAL
WITH $4 TRILLION.
YOU KNOW, I THINK MOST PEOPLE
KNOW I'D LIKE TO DO A LOT MORE
THAN THAT, AND I OFFERED A BILL
THAT WAS BIPARTISAN THAT DID A
LOT MORE THAN THAT.
BUT I THINK WE ALL NOW KNOW THAT
BAKED IN, BAKED INTO THE
EXPECTATIONS ABOUT WHERE OUR
COUNTRY IS TODAY IS THE FACT
$4 TRILLION.
THAT IT'S GOT TO BE A MINIMUM OF
AND I THINK A LOT OF PEOPLE HAVE
WORKED TOWARDS THAT GOAL.
TO EVEN SET UP A PROCESS THAT'S
SHORT OF THAT DOESN'T MAKE ANY
SENSE TO ME.
IT'S KIND OF LIKE YOU'VE GOT TO
BE KIDDING ME.
WE'VE GOT TO GO THROUGH THE
AGGRAVATION OF THE NEXT SIX
MONTHS WORKING TOWARDS AN
ASPIRATIONAL GOAL THAT WE ALL
KNOW DOESN'T SOLVE THE CREDIT
RATING ISSUE.
SO WITH THAT, MADAM PRESIDENT, I
THANK YOU FOR THE TIME.
I YIELD THE FLOOR.
I HOPE THAT WE COME TO A
SUCCESSFUL CONCLUSION SOON.
I STAND READY AND AM TALKING
WITH PEOPLE ON BOTH SIDES OF THE
AISLE TO TRY TO COME UP WITH A
SOLUTION SO THAT WE EITHER SOLVE
THIS ON THE FRONT END OR PUT IN
PLACE A PROCESS, A VERY QUICK
PROCESS THAT TAKES US TO A PLACE
THAT WE KNOW WE'VE ACTUALLY
DEALT WITH THE PROBLEM.
WITH THAT, I YIELD THE FLOOR.
MADAM PRESIDENT, I NOTICE THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
MADAM PRESIDENT.
THE
SENATOR FROM MINNESOTA.
MADAM PRESIDENT, I
WOULD ASK THAT THE QUORUM CALL
BE VITIATED.
WITHOUT
OBJECTION.
THANK YOU, MADAM
PRESIDENT.
I RISE TODAY TO DISCUSS THE
LIMIT.
URGENT NEED TO RAISE THE DEBT
I'D LIKE TO TAKE THIS
OPPORTUNITY TO REMIND MY
COLLEAGUES OF OUR OBLIGATION TO
REPRESENT OUR CONSTITUENTS' BEST
INTERESTS AND THOSE OF OUR GREAT
NATION, FOR AT THIS LATE HOUR
WITH THE DEADLINE FOR AN
AGREEMENT FAST APPROACHING, THE
CLEAR.
CONSEQUENCES OF INACTION ARE
THEY HAVE BEEN MADE CLEAR BY
ECONOMISTS, THEY HAVE BEEN MADE
CLEAR BY CREDIT RATING AGENCIES,
THEY HAVE BEEN MADE CLEAR BY THE
FEDERAL RESERVE AND BY OUR
TREASURY SECRETARY, AND THEY
HAVE BEEN MADE CLEAR BY
OF THE AISLE.
RESPECTED LEADERS ON EACH SIDE
AND SOON IF WE DO NOT ACT, THEY
ITSELF.
WILL BE MADE CLEAR BY THE MARKET
I KEEP HEARING FROM SOME MEMBERS
TALK ABOUT THE AUGUST 2 DEADLINE
AS IF IT'S NO BIG DEAL.
THEY SAY THEY HAVE THEIR OWN
THEORIES ABOUT WHEN THE REAL
DEADLINE IS.
THAT JUST LEAVES ME DUMFOUNDED.
I FOR ONE AM GOING TO TAKE THE
TREASURY SECRETARY AND VIRTUALLY
EVERY ECONOMIST AT THEIR WORD.
WE NEED A SOLUTION BEFORE AUGUST
AUGUST 2 OR WE RISK ECONOMIC
CATASTROPHE.
THERE ARE SOME MEMBERS WHO ARE
ESSENTIALLY SAYING THAT THE
TREASURY CAN PRIORITIZE PAYMENTS
TO AVOID DEFAULT, THAT GETTING
SOCIAL SECURITY CHECKS OUT
SHOULDN'T BE A PROBLEM.
I HEARD A REPUBLICAN MEMBER OF
THE HOUSE BUDGET COMMITTEE ON
PUBLIC RADIO THIS PAST WEEKEND
SAY THAT THE MONEY FOR SOCIAL
SECURITY CHECKS IS IN THE TRUST
FUND.
WELL, YES, WE HAVE $2.6 TRILLION
IN ASSETS IN THE TRUST FUND, BUT
THEY ARE ALL IN TREASURY
SECURITIES, NOT CASH.
I FIND IT JUST STUNNING THAT A
MEMBER OF CONGRESS, LET ALONE A
MEMBER OF THE BUDGET COMMITTEE,
WOULD NOT UNDERSTAND THE MOST
BASIC FUNCTIONING OF OUR
GOVERNMENT.
NOW, IF THERE IS NO DEBT LIMIT
INCREASE, TREASURY MAY BE ABLE
TO JUGGLE PAYMENTS TO GET SOCIAL
SECURITY CHECKS OUT ON AUGUST 3,
AND I'M SURE THEY WILL DO
EVERYTHING THEY CAN TO DO SO,
BUT AUGUST 3 WOULD BE JUST DAY
ONE OF TREASURY'S IMPROVISED
PRIORITIZATION STRATEGY.
AUGUST 3 IS THE DATE THAT ABOUT
HALF OF THE SOCIAL SECURITY
CHECKS GO OUT, BUT WE HAVE
ANOTHER ROUND SCHEDULED TO GO
OUT ON AUGUST 10.
AND ANOTHER ON AUGUST 17 AND
ANOTHER ON AUGUST 24.
IN FACT, THE TREASURY SENDS OUT
OVER 70 MILLION CHECKS A MONTH.
AUGUST 3 IS NOT THE END OF THE
PROBLEM.
IT IS THE BEGINNING.
ABOUT A MONTH AGO, THE
BIPARTISAN POLICY CENTER BRIEFED
MEMBERS OF THE HOUSE REPUBLICAN
CAUCUS ON THE ACTUAL
IMPLICATIONS OF THE AUGUST 2
DEADLINE, WHAT WE COULD PAY OR
WHAT WE COULDN'T PAY.
J. POWELL, THE FORMER UNDER
SECRETARY OF TREASURY UNDER
PRESIDENT GEORGE H.W. BUSH
PRESENTED AT THE BRIEFING.
HE OUTLINED HIS RESEARCH ON WHAT
IS LIKELY TO HAPPEN ON AUGUST 3.
HE SUGGESTS THAT IN THE MONTH OF
AUGUST, WE COULD PAY OUR DEBT
INTEREST, SOCIAL SECURITY CHECKS
, MEDICARE AND MEDICAID,
VENDORS FOR DEFENSE PROJECTS AND
UNEMPLOYMENT INSURANCE BENEFITS.
THAT'S WHAT WE COULD PAY.
BUT NO PAY FOR ACTIVE DUTY
MILITARY, NO BENEFITS FOR
VETERANS, NO FEDERAL LOANS FOR
LOW-INCOME STUDENTS ABOUT TO
HEAD OFF TO COLLEGE IN THE FALL,
NO PELL GRANTS, NO FEDERAL
GOVERNMENT EMPLOYEES INCLUDING
COUNTERTERRORISM AGENTS IN THE
F.B.I., FOR EXAMPLE, NO BORDER
AGENTS.
NOW, BEFORE WE DEFAULT, WE COULD
HAVE TIME TO MAKE THIS SIGN FOR
ALL POINTS OF ENTRY.
THAT'S JUST THE TIP OF THE
ICEBERG.
THAT'S JUST A SAMPLE OF THINGS
DO.
WE DEFINITELY COULDN'T AFFORD TO
YOU CAN TAKE THAT -- TAKE THAT
DOWN.
THAT DOESN'T EVEN ADDRESS THE
GLOBAL ECONOMIC IMPACTS OF
PLAYING SO CLOSE TO THE EDGE.
THE DOLLAR WOULD BE DEVALUED.
DOWNGRADED.
OUR CREDIT RATING WOULD BE
IT WOULD COST US MUCH MORE, MUCH
MORE TO BORROW AND TO PAY THE
INTEREST ON OUR DEBT, AND THUS
OUR DEBT WOULD ACTUALLY
INCREASE.
MORE IMPORTANTLY, ALL ADJUSTABLE
INTEREST RATES WOULD RISE
INCLUDING ON CREDIT CARDS AND
MORTGAGES AND STUDENT LOANS.
NEW LOANS, OF COURSE, WOULD BE
MORE EXPENSIVE, AND THESE
IMPACTS COULD HAVE A LEGACY THAT
DOGS US FOR DECADES, IF NOT
CENTURIES.
THIS IS SERIOUS BUSINESS AND WE
SHOULDN'T BE TESTING THIS
DEADLINE.
YET, THAT'S EXACTLY WHAT SOME OF
MY COLLEAGUES ARE DOING.
I WORRY THAT REPUBLICANS IN THE
HOUSE ARE BLIND TO RESEARCH,
DEAF TO REASON AND ARE SIMPLY
IGNORING FACTS THAT ARE CONTRARY
TO WHAT THEY WANT TO HEAR.
THROUGHOUT THIS DEBATE,
CONSERVATIVE HOUSE REPUBLICANS
HAVE STOOD IN THE WAY OF A DEAL
AND WE HAVE OFFERED THEM SOME
PRETTY SWEET DEALS AND THEY HAVE
WALKED AWAY.
THEY HAVE TREATED THE AUGUST 2
DEADLINE AS AN ADVISORY, AS
OPTIONAL.
THEY SUGGEST THAT THE TREASURY
COULD FIGURE SOMETHING OUT TO
PREVENT A DEFAULT.
NOW THEY ARE OPPOSING SENATOR
REID'S SENSIBLE DEFICIT
REDUCTION PLAN BECAUSE OF HOW IT
CALCULATES SOME OF ITS SAVINGS,
SPECIFICALLY AT ISSUE IS THE
REID PLAN'S $1 TRILLION IN
SAVINGS FROM WINDING DOWN THE
WARS IN IRAQ AND AFGHANISTAN
WHICH REPUBLICANS ARE CALLING A
BUDGETARY GIMMICK, NOT REAL
SAVINGS, YET THE RYAN BUDGET,
WHICH ALMOST EVERY HOUSE AND
SENATE REPUBLICAN VOTED FOR,
COUNTED THE SAME CUTS ALMOST
IDENTICALLY.
SO THEY SAY IT'S REAL SAVINGS IN
THE RYAN PLAN BUT FAKE SAVINGS
IN THE REID PROPOSAL.
I'M SORRY, BUT YOU JUST -- YOU
CAN'T HAVE IT BOTH WAYS.
FURTHER, SENATOR REID'S PLAN IS
ACTUALLY -- IS ALL CUTS.
I DON'T NECESSARILY LIKE THAT.
IT CONTAINS DOLLAR-FOR-DOLLAR
SPENDING CUTS TO MATCH THE DEBT
CEILING INCREASE, AND AS MUCH AS
I DON'T LIKE THIS ASPECT OF IT,
IT DOESN'T INCLUDE ANY REVENUES,
EVEN THOUGH A "WASHINGTON
POST"/ABC NEWS POLL SAYS THAT
72% OF THE AMERICAN PUBLIC
BELIEVES WE SHOULD ASK THOSE
MAKING OVER $250,000 TO PAY
MORE.
72%.
BUT A CUTS-ONLY PLAN IS WHAT
REPUBLICANS HAVE BEEN SAYING
THEY WANT ALL ALONG, AND NOW WE
HAVE GIVEN IT TO THEM.
WE HAVE IT OUT THERE, IT'S
THERE.
AND ALL OF THE CUTS IN THE REID
PLAN HAVE BEEN SUPPORTED BY
REPUBLICANS IN THE PAST.
SO WE ARE PRESENTING A PLAN THAT
IS ALL CUTS, NO REVENUE, AND THE
PRETENSE THAT THEY ARE USING TO
REJECT IT JUST DOESN'T PASS THE
SMELL TEST.
AND ACCORDING TO C.B.O., IT
SAVES $1.3 TRILLION MORE IN
SAVINGS THAN THE BOEHNER PLAN,
SUCH AS IT IS.
YOU KNOW, I OFTEN HEAR
REPUBLICANS SAY THE CORPORATIONS
ARE SITTING ON TRILLIONS OF
DOLLARS OF CASH INSTEAD OF
INVESTING, EXPANDING AND
CREATING JOBS BECAUSE BUSINESSES
ARE FACING SO MUCH UNCERTAINTY.
WELL, SENATOR REID'S PLAN OFFERS
CERTAINTY, BUT SUDDENLY
REPUBLICANS WANT A SHORT-TERM
DEAL, ONE THAT WOULD VERY WELL
PUT US IN THIS SAME CRISIS AGAIN
IN SIX MONTHS.
WHAT KIND OF CERTAINTY IS THAT?
NOW, A SHORT-TERM DEAL WILL NOT
OFFER OUR BUSINESSES AND MARKETS
THE CERTAINTY THAT THEY NEED,
AND A SHORT-TERM DEAL MAY VERY
WELL INDUCE A CREDIT DOWNGRADE,
ACCORDING TO STANDARD AND POOR'S
YET, REPUBLICANS SAY THEY PREFER
A SHORT-TERM DEAL OVER SENATOR
REID'S PLAN, WHICH WOULD TAKE US
THROUGH THE END OF NEXT YEAR.
I DON'T GET IT.
IT JUST SOUNDS TO ME LIKE THEY
CARE MORE ABOUT POLITICS AND
WINNING THAN THEY DO ABOUT THEIR
CONSTITUENTS' WELL-BEING.
ABOUT THE PROSPERITY AND
ECONOMIC SECURITY OF THE NATION.
THEIR HARD-LINE AND CAVALIER
ATTITUDE IS FRANKLY DANGEROUS,
VERY, VERY DANGEROUS.
PLAYING FAST AND LOOSE WITH THE
FACTS IS RECKLESS.
THE AMERICAN PEOPLE DESERVE
BETTER THAN THIS.
WE NEED TO RAISE THE DEBT
CEILING NOW, AND LEADER REID HAS
SHOWN US THE WAY FORWARD.
I DON'T LIKE ALL THE CUTS IN HIS
PACKAGE AND I WISH THERE WERE
INCREASES IN REVENUE FROM THOSE
WHO CAN AFFORD IT, BUT I KNOW WE
HAVE TO PASS IT BECAUSE IT WILL
KEEP US FROM DEFAULTING, AND IT
WILL DO SO RESPONSIBLY AND
SENSIBLY.
WE OWE IT TO THE AMERICAN PEOPLE
TO PULL BACK FROM THE BRINK AND
PASS THE REID PLAN SO WE CAN
AVERT DISASTER.
WE OWE IT TO OUR CONSTITUENTS
AND WE OWE IT TO OUR CHILDREN.
MADAM PRESIDENT, I YIELD THE
FLOOR.
I WOULD NOTE THE ABSENCE OF A
QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL: