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ADVANTAGE OF THIS OPPORTUNITY
AND TO DEAL RESPONSIBLY WITH
MR. PRESIDENT, I YIELD THE
THIS IMPENDING CRISIS.
FLOOR.
THE
SENATOR FROM ALABAMA.
I THANK THE
SENATOR FROM TEXAS.
THIS IS VERY SERIOUS BUSINESS
WE'RE ENGAGED IN HERE.
THE STRENGTH OF HIS COMMENTS,
THE METHOD OF DELIVERY, AND THE
CONTENT ARE INDICATIVE OF THE
SERIOUS CHALLENGES WE'RE FACING.
FOR EXAMPLE, UNDER THE BUDGET
THAT WAS SUBMITTED TO US -- THE
ONLY BUDGET WE'VE SEEN SO FAR
FROM THE PRESIDENT -- THE
INTEREST ON OUR DEBT, ACCORDING
TO THE CONGRESSIONAL BUDGET
OFFICE WHO TOOK THEIR TEN-YEAR
BUDGET AND CALCULATED IT OUT,
CALCULATED THAT WE'RE PAYING
ABOUT $240 BILLION IN INTEREST
TODAY ON OUR DEBT.
IN THE TENTH YEAR OF PRESIDENT
OBAMA'S BUDGET, AS YOU SAID,
CROWD OUT OTHER THINGS.
SENATOR CORNYN, INTEREST WOULD
IT WOULD BE $940 BILLION, ONE
YEAR'S INTEREST.
WHEN WE BORROW MONEY, WE PAY
TRRKS JUST LIKE INDIVIDUAL DOZEN
WHEN THEY BORROW MONEY.
AND WE'RE BORROWING SO MUCH
MONEY THAT WE'RE DOUBLING THE
DEBT AGAIN, AND OUR COUNTRY IN
TEN YEARS, THE INTEREST ON IT
WILL CROWD OUT OTHER THINGS;
ELOGYFOREXAMPLE, IT WOULD BE MORE THAN
SOCIAL SECURITY, MORE THAN OUR
MEDICARE, MORE THAN YOU ARE A
DEFENSE DEPARTMENT SPENDING IN
THAT YEAR.
SO I THANK YOU FOR SHARING THAT.
I SEE MY SENATOR -- MY FRIEND,
SENATOR JOHNSON, WHO WANTED TO
MAKE A CONSENT REQUEST.
I WOULD BE PLEASED TO YIELD AT
THIS TIME.
MR. PRESIDENT?
THE
SENATOR FROM SOUTH DAKOTA.
I ASK UNANIMOUS
CONSENT THAT MICHAEL PRAIRIE
RAYMOND, AN INTERN WITH THE
SENATE APPROPRIATIONS COMMITTEE,
BE ACCORDED FLOOR PRIVILEGES
DURING THE CONSIDERATION OF
H.R. 2055.
WITHOUT
OBJECTION.
I THANK THE
SENATOR FOR HIS COURTESY.
I YIELD THE FLOOR AND RESERVE
THE BALANCE OF MY TIME.
MR. PRESIDENT?
THE
SENATOR FROM ALABAMA.
JUST TO WRAP UP
HERE AND I'LL CLOSE AT 2:00.
I UNDERSTAND THAT UNDER OUR
AGREEMENT, THAT 2:00 WOULD BE
THE TIME ALOTE CATTED FOR THE
DEMOCRATIC SPEAKERS -- WOULD BE
THE TIME ALLOCATED FOR THE
DEMOCRATIC SPEAKERS, AS THEY MAY
APPEAR AND THERE MAY BE TIME
359:00
AT 3:00, UNDER MY CONTROL OR FOR
THE REPUBLICAN SPEAKERS AT THAT
TIME.
THAT IS
THE UNDERSTANDING, ALTHOUGH I'M
TOLD THAT THE AGREEMENT HAS NOT
BEEN FORMALIZED AS YET.
BUT I DO UNDERSTAND THAT'S THE
AGREEMENT.
THE SENATOR FROM ALABAMA IS
THAT IS ALL
CORRECT.
RIGHT.
I'LL WRAP UP AND
RESERVE -- I ASK CONSENT THAT
THERE BE 30 MINUTES UNDER MY
CONTROL AT 3:00 P.M.
IS
THERE OBJECTION?
HEARING NONE -- WITHOUT
OBJECTION.
IT IS GRANTED.
I THANK THE
CHAIMPLET THE FUNDAMENTAL
PROBLEM IS THAT OUR DEMOCRATIC
LEADERSHIP HAS DECIDED THAT IT
WOULD BE FOOLISH TO HAVE A
BUDGET.
EVEN THOUGH IT'S REQUIRED BY
LARKS THEY REFUSE TO PRODUCE A
BUDGET NOW FOR 806 DAYS, OVER
TWO YEARS.
LAST YEAR SENATOR CONRAD
PRODUCED A BUDGET IN COMMITTEE
AND HE WAS -- IT WAS VOTED ON
AND BROUGHT TO THE FLOOR, BUT
THE MAJORITY LEADER REFUSED TO
EVEN BRING IT UP FOR DEBATE AND
VOTE.
THIS YEAR, I SUPPOSE IT WAS,
THAT THE MAJORITY LEADER DECIDED
WE WOULDN'T EVEN HAVE ONE IN
COMMITTEE.
SO WE'VE NOT COMMENCED ANY
ACTION TO PASS A BUDGET.
BUT NOW WE ARE PROCEEDING TO
SPEND MONEY, WE'RE PROCEEDING TO
PASS LEGISLATION THAT WOULD
EXPEND TAXPAYERS' MONEY WITHOUT
A BUDGET.
AND THAT'S NOT GOOD POLICY BY
ANY STANDARDS, WHETHER YOU HAVE
A LAW OR NOT.
WE ACTUALLY HAVE A LAW THAT
FIRST.
REQUIRES US TO HAVE A BUDGET
THAT'S WHY I FOUND MYSELF HAVING
TO PRODUCE A -- TO RAISE A
BUDGET POINT OF ORDER.
SO, MR. PRESIDENT, WE WEREN'T
ELECTED HERE TO SHUT DOWN THE
COMMITTEES, TO VIOLATE THE
CONGRESSIONAL PROCESS OF
DECIDING HOW MONEY SHOULD BE
SPENT, TO CEDE OUR
CONSTITUTIONAL RESPONSIBILITY TO
SOME SECRET MEETING SOMEWHERE,
SO THEY CAN PRODUCE SOME SORT OF
BILL AND DROP IT IN THE SENATE
ON AUGUST 1 PRESUMABLY AND THEN
DEMAND THAT WE PAY FOR IT,
BECAUSE, LOOK, YOU'VE GOT TO
LOOK BEHIND THE NUMBERS.
JUST BECAUSE THE PRESIDENT SAYS
HIS BUDGET DOES ONE THING, HIS
PLAN DOES ANOTHER THING, DON'T
YOU THINK WE OUGHT TO CHECK IT
OUT?
ONE OF THE MOST STUNNING
STATEMENTS I'VE EVER HEARD FROM
A PRESIDENT AND FROM THE BUDGET
DIRECTOR WAS HEARD EARLY THIS
YEAR AFTER THE PRESIDENT
PRESENTED HIS BUDGET.
HE AND THE BUDGET DIRECTOR,
PUBLICLY AND IN COMMITTEE -- THE
BUDGET DIRECTOR IN COMMITTEE
SAID THAT OUR BUDGET WILL HAVE
US LIVE WITHIN OUR MEANS AND PAY
DOWN THE DEBT.
THEY USED THOSE WORDS.
SO ANYBODY HEARING THAT GOSH,
I'M GLAD THE PRESIDENT PRODUCED
A BUDGET TO HAVE US LIVE WITHIN
OUR MEANS AND PAY DOWN OUR DEBT.
YOU KNOW, WE'VE BEEN SPENDING
TOO MUCH MONEY.
AND WHAT'S THE TRUTH?
THE TRUTH IS THE LOWEST SINGLE
ANNUAL DEFICIT IN TEN YEARS,
ACCORDING TO THE CONGRESSIONAL
BUDGET OFFICE ANALYSTS, WOULD BE
$740 BILLION?
THE HIGHEST PRESIDENT BUSH EVER
HAD WAS $450 BILLION AND THAT
WAS TOO HIGH.
THIS YEAR IT WILL BE $1,500
BILLION.
SO -- AND I WOULD POINT OUT THAT
IN THE OUT-YEARS, THAT
$740 BILLION WAS ABOUT YEAR SIX.
THE SEVEN, EIGHT, NINE, TEN, THE
NUMBERS ARE GOING UP AGAIN AND
C.B.O. SAYS THE 10th YEAR, THE
DEFICIT UNDER THE PRESIDENT'S
BUDGET WILL BE $1,200 BILLION,
$1.2 TRILLION.
SO THIS IS NOT GOOD.
ORDER.
WE NEED TO GET OUR HOUSE IN
WE'RE GOING TO INSIST THAT WE DO
IT IN THE RIGHT WAY.
THAT'S WHY I'VE OBJECTED TO
PROCEEDING TO SPENDING BILLS
WITHOUT A BUDGET.
IT'S TIME FOR THE MAJORITY
LEADER TO BRING US INTO SESSION.
LET'S HAVE A BUDGET.
LET'S SEE WHERE PEOPLE STAND.
LET'S MAKE THE TOUGH DECISIONS.
LET'S VOTE ON IT.
LET'S ALLOW OURSELVES TO BE HELD
ACCOUNTABLE BY THE PEOPLE WHO
SENT US HERE.
MR. PRESIDENT, I WOULD YIELD THE
FLOOR.
THE
SENATOR FROM NEW HAMPSHIRE.
MR. PRESIDENT, I'M
I'M -- I APPRECIATED HEARING MY
COLLEAGUES TALKING ABOUT THE
SERIOUSNESS OF THE SITUATION
THAT WE'RE IN BECAUSE I THINK
THERE IS ONE THING THAT EVERY
SINGLE MEMBER OF THIS BODY
AGREES ON AND THAT IS THAT WE
HAVE TO ADDRESS THE LONG-TERM
COUNTRY.
DEBT AND DEFICITS OF THE
AND LIKE MANY MEMBERS OF THIS
CHAMBER, I'VE REPEATEDLY CALLED
FOR A BIPARTISAN PACKAGE THAT
INCLUDES REFORMS TO EVERYTHING
THAT'S DEFICIT RELATED.
SO THAT MEANS CUTS IN SPENDING,
DOMESTIC, DISCRETIONARY AND
NONDISCRETIONARY, THAT MEANS
DEFENSE, AND IT MEANS MANDATORY
PROGRAMS, BUT IT ALSO MEANS
INCREASED REVENUE.
AND I HAVE SUPPORTED ATTACHING
DEFICIT-REDUCTION MEASURES TO
THE VOTE ON THE DEBT LIMIT AND I
BELIEVE THAT REDUCING THE
DEFICIT IS CRITICAL TO
STRENGTHENING THE LONG-TERM
HEALTH OF OUR ECONOMY.
BUT I ALSO, MR. PRESIDENT, THAT
EVERYEVERYONE -- AND THAT MEANS
EVERYONE -- HAS TO COME TO THE
TABLE TO FIND A COMPROMISE
SOLUTION THAT WILL GET THIS
DONE.
I THINK DEMOCRATS KNOW THIS.
THAT'S WHY TIME AND TIME AGAIN
WE'VE OFFERED COMPROMISE PLANS,
INCLUDING MORE THAN A TRILLION
DOLLARS IN SPENDING CUTS.
BUT IT'S DISAPPOINTING THAT
POLITICS ARE KEEPING SOME IN
THIS CHAMBER AND IN THE CONGRESS
FROM NEGOTIATING IN GOOD FAITH.
THAT'S A REAL DISSERVICE TO THE
AMERICAN PEOPLE.
I'VE SPOKEN BEFORE ABOUT WHAT
SOME PEOPLE ARE TRYING TO
PROTECT -- TAX BREAKS FOR BIG
OIL, FOR HEDGE FUND OPERATORS
AND FOR YACHT OWNERS -- BUT I'D
LIKE TO SPEAK TODAY ABOUT WHAT
SOME ARE WILLING TO RISK TO
PROTECT THOSE TAX GIVEAWAYS AND
WHAT HAPPENS IF WE DON'T
INCREASE THE DEBT LIMIT AND MEET
THE UNITED STATES' FINANCIAL
OBLIGATIONS.
FIRST OF ALL, RAISING THE DEBT
LIMIT DOES NOT MEAN SPENDING
MORE.
OUR SPENDING IS SET BY CONGRESS
EVERY YEAR IN OUR ANNUAL BUDGET
PROCESS.
RAISING THE DEBT LIMIT MEANS
PAYING THE GOVERNMENT'S BILLS,
OUR GOVERNMENT, THE GOVERNMENT
THAT ALL OF US ARE A PART OF.
AND NOT JUST MEMBERS OF CONGRESS
BUT EVERY MAN, WOMAN AND CHILD
THROUGHOUT THIS COUNTRY.
IT'S NOT THE DEMOCRATS'
GOVERNMENT AND IT'S NOT
PRESIDENT OBAMA'S GOVERNMENT AND
IT'S NOT THE REPUBLICANS'
GOVERNMENT.
IT BELONGS TO ALL OF US.
AND WE'RE TALKING ABOUT
SERVICING SAVINGS BONDS THAT
HAVE BEEN ISSUED UNDER PRESIDENT
REAGAN, ABOUT SUPPORTING AN ARMY
THAT WAS FIRST SENT TO
AFGHANISTAN UNDER PRESIDENT BUSH
BUSH, ABOUT PAYING SOCIAL
SECURITY CHECKS AND FOR FOOD
INSPECTORS AND AIR TRAFFIC
CONTROLLERS.
THE DISCUSSION WE'RE HAVING NOW
IS ABOUT THE FULL FAITH AND
CREDIT OF THE UNITED STATES
GOVERNMENT.
FAILURE TO RAISE THE DEBT LIMIT
MEANS DEFAULT.
IT MEANS THAT THE UNITED STATES
WOULD NOT MEET ITS OBLIGATIONS
FOR THE FIRST TIME IN OUR
HISTORY.
AND WHAT WOULD HAPPEN?
WELL, WARREN BUFFETT SAID
SAID -- AND
I QUOTE -- "IT WOULD FOR
CONGRESS BE THE MOST'S MOST ASSININE
ACT EVER."
FED CHAIRMAN BEN BERNANKE IT
SAID WOULD LEAD TO -- QUOTE --
"A HUGE FINANCIAL CALAMITY."
ECONOMIST AND FORMER REAGAN
ADVISOR RON KUDLOW, SAID
"DEFAULT WOULD BE CATASTROPHIC."
EXPERTS NAME IS THE POTENTIAL
THE BIGGEST CONCERN THESE
FOR A GLOBAL FINANCIAL CRISIS.
COMPANIES, PENSION FUNDS AND
GOVERNMENTS ACROSS THE WORLD
HOLD U.S. SAVINGS BONDS.
A DEFAULT COULD CIGAR TRIGGER A CRISIS
WORSE THAN ONE IN 2008.
AND IN FACT, WE JUST HEARD FROM
SECRETARY GEITHNER A FEW MINUTES
AGO IT WOULD BE WORSE THAN THE
CRISIS OF 2008, WHICH ITSELF
TRIGGERED THE WORST RECESSION
SINCE THE GREAT DEPRESSION.
WE'RE JUST NOW CLIMB OUT OF THAT
HOLE CAUSED BY --
WE'RE JUST NOW CLIMBING OUT OF
THAT HOLE CAUSED BY THE
FINANCIAL CRISIS.
WE CANNOT RISK ANOTHER ONE.
I WANT TO READ FROM A LETTER
THAT WAS SENT TO CONGRESS
EARLIER THIS WEEK BY HUNDREDS OF
AMERICA'S TOP BUSINESSES AND
BUSINESS ORGANIZATIONS,
INCLUDING THE CHAMBER OF
COMMERCE, THE FINANCIAL SERVICES
ROUND-TABLE, AND SOME GREAT NEW
HAMPSHIRE COMPANIES LIKE
CIRTRONICS AND CONTROL AIR.
AND I'M QUOTING -- "WE BELIEVE
IT IS VITALLY IMPORTANT FOR THE
U.S. GOVERNMENT TO MAKE GOOD ON
ITS FINANCIAL OBLIGATIONS.
IT IS CRITICAL THAT THE U.S.
GOVERNMENT NOT DEFAULT IN ANY
WAY ON ITS FISCAL OBLIGATIONS.
A GREAT NATION, LIKE A GREAT
COMPANY, HAS TO BE RELIED ON TO
PAY ITS BILLS, TO PAY ITS DEBTS
WHEN THEY BECOME DUE."
AND I'M STILL QUOTING -- "THIS
IS A MAINSTREET NOT WALL STREET
ISSUE.
TREASURY SECURITIES INFLUENCE
THE COST OF FINANCING NOT JUST
FOR COMPANIES BUT, MORE
IMPORTANTLY, FOR MORTGAGES, AUTO
LOANS, CREDIT CARDS, AND STUDENT
DEBT.
A DEFAULT WOULD RISK BOTH
DISARRAY IN THOSE MARKETS AND A
HOST OF UNINTENDED CONSEQUENCES.
THE DEBT CEILING TRIGGER DOES
OFFER A NEEDED CATALYST FOR
SERIOUS NEGOTIATIONS ON BUDGET
DISCIPLINE, BUT AVOIDING EVEN A
TECHNICAL DEFAULT IS ESSENTIAL.
THIS IS A RISK OUR COUNTRY MUST
NOT TAKE."
AGAIN, THIS ISN'T MY OPINION.
THIS IS THE OPINION OF OUR
NATION'S BUSINESS LEADERS.
I HOPE WE'RE GOING TO LISTEN TO
IN A RECENT OP-ED IN "USA
THEM.
TODAY," THE CHAMBER AND THE
FINANCIAL SERVICES FORUM SPELLED
OUT WHY THEY BELIEVE A DEFAULT
WOULD RESULT IN -- QUOTE --
"HUNDREDS OF THOUSANDS OF LOST
JOBS EVERY YEAR."
FIRST, THEY POINT OUT THAT A
DEFAULT WOULD HALT CRITICAL
GOVERNMENT OPERATIONS FAR MORE
ABRUPTLY THAN WE'VE SEEN IN PAST
STANDOFFS OVER THE BUDGET, SO
THAT MEANS WORSE THAN IN 1995
WHEN GOVERNMENT SHUT DOWN.
THEY SAY -- QUOTE -- "THE U.S.
TREASURY IS EXPECTED TO TAKE IN
ABOUT $100 BILLION IN TAX
REVENUE IN AUGUST BUT NEEDS TO
PAY $300 BILLION IN EXPENSES.
THE RESULTING $130 BILLION
DEFICIT WOULD REQUIRE THE
GOVERNMENT TO PICK WHICH
PROGRAMS -- MEDICARE, MEDICAID,
FOOD STAMPS, UNEMPLOYMENT
INSURANCE -- TO PAY FOR AND
WHICH NOT TO FUND AND THERE
WOULD BE LITTLE MONEY LEFT TO
PAY OUR TROOPS OR TO RUN OUR
COURTS, THE PRISON SYSTEM, THE
F.B.I., OR OTHER ESSENTIAL
OPERATIONS."
THEY GO ON TO NOTE THAT DETAUGHT
WOULD MAKE OUR -- DEFAULT WOULD
MAKE OUR GOVERNMENT DEBT AND
DEFICIT PROBLEM WORSE.
YESTERDAY, MOODY'S, THE CREDIT
RATING AGENCY, PUT THE UNITED
STATES GOVERNMENT'S CREDIT
RATING UNDER REVIEW.
IF MOODY'S WERE TO DOWNGRADE OUR
CREDIT RATING, INVESTOR
CONFIDENCE IN U.S. BONDS WOULD
BE SHAKEN AND IT WOULD BE MORE
EXPENSIVE FOR OUR GOVERNMENT TO
BORROW MONEY.
THIS IS SOMETHING THAT I
UNDERSTAND VISCERALLY BECAUSE AS
GOVERNOR OF NEW HAMPSHIRE, WE
WORKED CLOSELY TO TRY AND AVOID
THE RATING AGENCIES DOWN GRADING DOWN DOWN --
DOWNGRADING THE STATE'S
BORROWING SO THAT WE WOULD HAVE
TO PAY MORE MONEY.
J.P. MORGAN ESTIMATES THAT THE
HIGHER INTEREST RATES CAUSED BY
DEFAULT COULD INCREASE OUR
ANNUAL DEFICITS BY A STAGGERING
$75 BILLION A YEAR.
JUST FROM HIGHER INTEREST RATES.
IF WE'RE REALLY SERIOUS ABOUT
REDUCING THE DEFICIT, THIS IS
THE WRONG WAY TO GO.
AND THAT'S WHY WE NEED TO FIND A
COMPROMISE SOLUTION.
WE'VE DONE THAT IN THE PAST.
THE DEBT LIMIT HAS GONE UP UNDER
EVERY PRESIDENT IN MODERN TIMES,
AND I THINK THIS LIST IS
INSTRUCTIVE.
IT SHOWS THAT PRESIDENT NIXON
RAISED IT NINE TIMES FOR A TOTAL
INCREASE OF $130 BILLION AND 36%
OF THE COST.
PRESIDENT CLINTON RAISED IT FOUR
TIMES -- SEE THAT -- AND THE
COST AND THE PERCENT OF SPENDING
SPENDING.
SINCE PRESIDENT KENNEDY, THE
MOST FREQUENT AND LARGEST
INCREASES CAME UNDER PRESIDENT
REAGAN.
18 INCREASES, 199% TOTAL
INCREASE.
I DON'T THINK ANYBODY HERE
THINKS THAT PRESIDENT REAGAN WAS
A CHAMPION OF BIG GOVERNMENT OR
THAT IF HE DIDN'T HAVE TO RAISE
THE DEBT LIMIT IN ORDER TO
ADDRESS WHAT HE HAD TO DO AS
PRESIDENT, THAT HE WOULD HAVE
RAISED IT.
THIS IS NOT A QUESTION ABOUT THE
OPTION OF RAISING OUR DEBT LIMIT
LIMIT.
IT'S A QUESTION OF RAISING OUR
DEBT LIMIT OR CATASTROPHE IS
GOING TO OCCUR.
AND I BELIEVE THAT MANY OF OUR
COLLEAGUES, MR. PRESIDENT, ON
BOTH SIDES OF THE AISLE
UNDERSTAND THE IMPORTANCE OF
GETTING THIS DONE.
I BELIEVE THAT MANY OF THEM
COMPROMISE.
VALUE -- BELIEVE IN THE VALUE OF
WE ALL HAVE TO BE AT THE TABLE.
WE ALL HAVE TO BE READY TO
COMPROMISE TO REACH A SOLUTION.
I URGE MY COLLEAGUES TO DO
WHAT'S RIGHT, FOR US ALL TO PUT
POLITICS ASIDE FOR THE GOOD OF
THE ECONOMY AND THE GOOD OF THE
COUNTRY.
THANK YOU VERY MUCH,
MR. PRESIDENT.
THE
SENATOR FROM IOWA.
MR. PRESIDENT,
FIRST, I ASK UNANIMOUS CONSENT
THAT GERDANA SIDNER, EDDIE SAHIK
AND TYLER SMITH OF MY STAFF BE
GRANTED FLOOR PRIVILEGES FOR THE
DURATION OF TODAY'S PROCEEDINGS.
WITHOUT
OBJECTION.
MR. PRESIDENT, I'D
LIKE TO FOLLOW UP A LITTLE BIT
ON WHAT THE SENATOR FROM NEW
HAMPSHIRE JUST SPOKE ABOUT AND
THAT IS THE ABSURDITY, THE
ABSOLUTE ABSURDITY, OF WHAT'S
GOING ON IN WASHINGTON HERE
TODAY.
MR. PRESIDENT, OUR NATION USED
TO HAVE A TWO-PARTY SYSTEM IN
OUR COUNTRY BUT IT'S
INCREASINGLY APPARENT THAT ONE
OF OUR TWO PARTIES HAS MORPHED
MORPHED -- HAS MORPHED INTO SOME
KIND OF A QUASI-RELIGION, DRIVEN
BY ONE IDEOLOGY: PRESERVING AND
EXPANDING TAX BREAKS FOR THE
WEALTHY AND FOR BIG
CORPORATIONS.
TO THAT END, MANY REPUBLICANS IN
CONGRESS ARE PERFECTLY WILLING
TO PUSH THE UNITED STATES OF
AMERICA INTO DEFAULTING ON ITS
DEBT OBLIGATIONS WITH DIRE
ECONOMIC CONSEQUENCES. THIS IS A VERY
DANGEROUS DETOUR IN OUR NATION'S
POLITICAL AND ECONOMIC LIFE.
BUT JUST AS DANGEROUS, JUST AS
DANGEROUS AS THE PROSPECT OF A
DEFAULT ON OUR DEBT OBLIGATIONS
IS THE REPUBLICANS'
DETERMINATION TO DEFUND AND
DISMANTLE AS MUCH OF THE FEDERAL
GOVERNMENT AS POSSIBLE.
TO THAT END, THEY'RE DEMANDING
DEEP DRACONIAN CUTS TO FEDERAL
FUNDING AND INVESTING AT A TIME
WHEN UNEMPLOYMENT IS ALREADY
HIGH AND SKYROCKETING AND WHEN
OUR ECONOMY REMAINS FRAGILE.
TO JUSTIFY THESE DEEP CUTS,
REPUBLICANS WITH THIS NEW
IDEOLOGY THAT THEY HAVE HAVE
ARTICULATED AN ABSURD ECONOMIC
THEORY.
ABSOLUTELY ABSURD.
THEY CLAIM THAT SLASHING FEDERAL
FUNDING AND INVESTMENTS BY
TRILLIONS OF DOLLARS WILL
SOMEHOW MAGICALLY CREATE JOBS.
I DON'T KNOW OF ANY MAINSTREAM
ECONOMIST, ANYONE WITH AN OUNCE
OF COMMON SENSE WHO AGREES WITH
THIS BIZARRE THEORY.
TO THE CONTRARY, ECONOMISTS WARN
US THIS IS ABSOLUTELY THE WRONG
TIME TO BE SLASHING FEDERAL
INVESTMENT FOR THE OBVIOUS
REASON.
THAT DEEP SHORT-TERM CUTS TO
FEDERAL SPENDING WILL
DRAMATICALLY REDUCE DEMAND IN
THE ECONOMY, THUS REDUCING
EMPLOYMENT EVEN FURTHER.
ALREADY THIS YEAR CUTS TO
GOVERNMENT SPENDING AT THE STATE
AND LOCAL LEVELS HAVE DESTROYED
AN ESTIMATED 500,000
PUBLIC-SECTOR JOBS.
AND THAT GOES ON WITH AN
UNDETERMINED NUMBER OF
PRIVATE-SECTOR JOBS THAT WORK
WITH THESE PUBLIC SECTORS.
ECONOMISTS UNDERSTAND THAT
TERMINATING THE JOBS OF
TEACHERS, POLICE OFFICER AND
OTHER ESSENTIAL PUBLIC EMPLOYEES
HAS THE SAME NEGATIVE IMPACT ON
THE ECONOMY AS ELIMINATING
PRIVATE-SECTOR JOBS.
NOW, NONETHELESS, AS IF THEY
LIVE IN SOME KIND OF A PARALLEL
UPSIDE DOWN UNIVERSE,
REPUBLICANS INSIST THAT SLASHING
FEDERAL FUNDING IN INVESTMENT
WILL CREATE JOBS.
LET'S TEST THAT THEORY.
LET'S TEST THAT THEORY IN ONE
AREA OF FEDERAL INVESTMENT.
FUNDING.
LET'S TAKE TRANSPORTATION
EVERYBODY UNDERSTANDS THAT OUR
TRANSPORTATION INFRASTRUCTURE IS
WOEFULLY INADEQUATE.
IT'S IN A STATE OF INCREASING
DISREPAIR, OVERLOADED.
MOST PEOPLE UNDERSTAND THAT
RAMPING UP INVESTMENTS AND
MODERNIZING OUR HIGHWAYS AND
BRIDGES AND PUBLIC TRANSIT
SYSTEMS WOULD STRENGTHEN OUR
ECONOMY AND CREATE MILLIONS OF
JOBS.
THESE ARE THE VEINS AND ARTERIES
OF OUR COMMERCE.
SO WHAT DO THE REPUBLICANS IN
THE HOUSE PROPOSE?
LAST WEEK THE REPUBLICAN LEADER
PUT FORWARD A NEW TRANSPORTATION
AUTHORIZATION BILL THAT WOULD
SLASH CURRENT INVESTMENTS IN
TRANSPORTATION BY MORE THAN
ONE-THIRD.
ONE-THIRD.
ONE-THIRD CUT IN TRANSPORTATION.
SO WILL THIS CREATE JOBS?
AS THE REPUBLICANS CLAIM?
OF COURSE NOT.
PUBLIC WORKS COMMITTEE ESTIMATES
THE SENATE ENVIRONMENT AND
THAT THE HOUSE BILL WOULD
DESTROY MORE THAN 490,000
HIGHWAY INSTRUCTION JOBS AND
CLOSE CLOSE TO 100,000
TRANSIT-RELATED IN MASS TRANSIT.
FOLLY.
MR. PRESIDENT, THIS IS PURE
THIS IS A CLASSIC EXAMPLE OF
WHAT HAPPENS WHEN IDEOLOGICAL
OBSESSIONS CAUSE MEMBERS OF
CONGRESS TO BE BLIND TO
PRACTICAL, COMMONSENSE
REALITIES.
I HAVE REPEATEDLY COME TO THE
FLOOR TO ADVOCATE FOR A BALANCED
APPROACH TO BRINGING OUR
DEFICITS UNDER CONTROL ONE THAT
INCLUDES SPENDING CUTS AND
REVENUE INCREASES.
AT THE SAME TIME ECONOMISTS WARN
US THAT WE NEED A
DEFICIT-REDUCTION PLAN THAT
DEFERS THE LION'S SHARE OF
SPENDING CUTS FOR SEVERAL YEARS,
ALLOWING OUR ECONOMY TO RECOVER
BEFORE THE NEGATIVE IMPACTS ARE
FELT.
I MUST ALSO ASK, MR. PRESIDENT,
WHY ARE WE PROEPLG TO SLASH
ALL -- PROPOSING TO SLASH ALL
THESE FUNDINGS FOR HIGHWAYS AND
SCHOOLS AND INFRASTRUCTURE HERE
AT HOME WHILE WE CONTINUE TO
SPEND UNTOLD BILLIONS OF DOLLARS
TO BUILD HIGHWAYS, SCHOOLS AND
INFRASTRUCTURE IN AFGHANISTAN?
A LOT OF TIMES PEOPLE ASK ME,
THEY SAY, SENATOR HARKIN, YOU
SAY YOU'RE WILLING TO CUT
SPENDING.
RIGHT HERE.
WHERE?
LET'S START RIGHT HERE.
IRAQ.
LET'S START WITH AFGHANISTAN AND
WE'RE SPENDING $168 BILLION IN
IRAQ AND AFGHANISTAN THIS YEAR
ALONE.
$168 BILLION.
THIS YEAR, FISCAL YEAR 2011,
WE'RE SPENDING MORE THAN $13
BILLION TO TRAIN THE IRAQI AND
AFGHAN SECURITY FORCES.
$13 BILLION.
OKAY.
WHAT DID WE SPEND HERE IN
AMERICA TO RETRAIN OUR WORKERS
SO THEY CAN GET NEW JOBS?
LESS THAN $10 BILLION.
WE'RE SPENDING MORE MONEY TO
TRAIN AFGHAN AND IRAQI FORCES,
SECURITY FORCES THAN WE'RE
SPENDING TO RETRAIN OUR OWN
WORKERS ALL OVER AMERICA.
24 MILLION AMERICANS UNEMPLOYED
OR UNDEREMPLOYED AND YET WE'RE
SPENDING $168 BILLION THIS YEAR
ON AFGHANISTAN AND IRAQ.
AGAIN, I APPLAUD THE PRESIDENT
FOR THE ACTIONS HE'S TAKEN, BUT
QUITE FRANKLY, MR. PRESIDENT,
THEY DON'T GO FAR ENOUGH.
THE PRESIDENT SHOULD HAVE A
FASTER TIMETABLE FOR OUR TROOPS
TO GET OUT OF AFGHANISTAN.
I'VE SAID IS THAT PUBLICLY MANY
TIMES.
IF YOU REALLY WANT TO SAVE SOME
MONEY, SAVE THAT $1 MILLION THAT
IT COSTS TO KEEP ONE SOLDIER IN
AFGHANISTAN AND GET THEM BACK
HERE.
WE WENT TO AFGHANISTAN TO GET
THE TALIBAN OUT, GET AL QAEDA
OUT AND TO GET OSAMA BIN LADEN.
WE GOT OSAMA BIN LADEN.
AL QAEDA IS NO LONGER IN
AFGHANISTAN.
AND THE TALIBAN IS GONE.
SO WHAT ARE WE STILL DOING
THERE?
WHY ARE WE STILL THERE?
WHY ARE WE STILL SPENDING ABOUT
$14 BILLION A MONTH IN
AFGHANISTAN?
SO, MR. PRESIDENT, AGAIN, WE
NEED A BALANCED APPROACH.
SPENDING CUTS ALONE WON'T DO THE
JOB.
I THINK THE KWEUPBDZ HAVE -- I
THINK THE REPUBLICANS HAVE JUST
PROVED THIS.
REPUBLICANS HAVE PROVED THAT
SPENDING CUTS ALONE WILL NOT GET
THE JOB DONE.
HOW DO I SAY THAT?
LOOK AT THE REPUBLICAN BUDGET,
THE SO-CALLED RYAN BUDGET.
IT DISMANDATE ALSO MEDICARE,
GUTS MEDICAID, MAKES SEVERE CUTS
ACROSS THE FEDERAL BUDGET.
YET IT STILL ADDS TRILLIONS OF
DOLLARS TO THE FEDERAL DEFICIT
FOR YEARS TO COME LARGELY
BECAUSE IT REFUSES TO TOUCH TAX
BREAKS FOR THE WELL-TO-DO OR TO
CORPORATIONS.
RAISE OTHER REVENUES FROM
WELL, MR. PRESIDENT, THE
REPUBLICANS HAVE SAID THEY DON'T
WANT TO RAISE TAXES ON SO-CALLED
JOB CREATORS.
THEY DON'T WANT TO RAISE TAXES
ON JOB CREATORS.
WELL, TO CALL TRUST FUND
MILLIONAIRES AND WALL STREET
MONEY MANIPULATORS JOB CREATORS
IS LAUGHABLE.
CORPORATIONS IN THE UNITED
MEANWHILE, TO CALL ANY
INCREASINGLY QUESTIONABLE.
STATES JOB CREATORS IS
IN ONE RESPECT ACTUALLY YOU CAN
ARGUE THAT AMERICA'S BIG BRAND
NAME CORPORATIONS -- G.E.,
MICROSOFT, AND SO ON -- ARE --
QUOTE -- "JOB CREATORS."
THE PROBLEM IS THEY'RE NOT
CREATING JOBS HERE.
THEY'RE CREATING THEM OVERSEAS
AND ELIMINATING THEM HERE.
THE U.S. COMMERCE DEPARTMENT
DATA SHOWS THAT DURING THE
2000'S, U.S. COMPANIES,
MULTINATIONAL COMPANIES CUT
THEIR WORKFORCES HERE AT HOME BY
2.9 MILLION.
2.9 MILLION AND INCREASED THEIR
WORKFORCES OVERSEAS BY 2.4
MILLION.
THEY'RE CREATING JOBS ALL RIGHT,
THEY'RE JUST NOT CREATING THEM
HERE IN AMERICA.
AND TO ADD INSULT TO INJURY,
THERE ARE PROVISIONS IN THE U.S.
TAX CODE THAT PROMOTE THIS KIND
OF BEHAVIOR, THE KIND OF TAX
BREAKS THAT REPUBLICANS INSIST
ON PRESERVING.
SO THEY WANT -- THEY DON'T WANT
TO TAX JOB CREATORS.
AND YET, WE'VE SHOWN, THE DATA
IS THERE, THESE BIG
MULTINATIONALS ARE CREATING JOBS
OVERSEAS.
WE WOULD LIKE TO, I WOULD LIKE
TO, I'M SURE THE OCCUPANT OF THE
CHAIR WOULD LIKE TO CLOSE SOME
OF THOSE LOOPHOLES SO THERE'S
NOT A TAX BENEFIT TO SHIPPING
YOUR JOBS OVERSEAS.
REPUBLICANS SAY NO, THEY DON'T
WANT TO DO THAT.
IN THE MONTH OF MAY, THE U.S.
TRADE DEFICIT SOARED TO MORE
THAN $50 BILLION, THE HIGHEST
LEVEL IN NEARLY THREE YEARS.
IN JUST ONE MONTH.
ONE MONTH.
AND THE TRADE DEFICIT, THAT $50
BILLION JUST FOR ONE COUNTRY WAS
HALF OF THAT.
CHINA $25 BILLION TRADE DEFICIT.
THOSE FIGURES, YOU MIGHT SAY
WHAT DOES THAT MEAN?
WELL, THOSE FIGURES REPRESENT A
TRANSFER OF MILLIONS OF JOBS AND
BILLIONS IN WAGES FROM THE
UNITED STATES TO CHINA OR TO
OTHER COUNTRIES ABROAD.
WE NEED TO SERIOUSLY EXAMINE OUR
TRADE POLICIES ALSO WHICH
CONTINUALLY SEND JOBS AND WAGES
OVERSEAS.
WE NEED TO IS TO BE BOWING
BEFORE THE SACROSANCT ALTAR OF
FREE TRADE AS IF IT DOESN'T EVEN
WARRANT OUR EXAMINATION.
INSTEAD WE NEED TO ASK HOW WE
CAN MAKE OUR TRADE POLICIES WORK
FOR THE MIDDLE CLASS.
FOR INSTANCE, BY DEFENDING
AMERICA'S RIGHT TO OPPOSE
CURRENCY MANIPULATION AND
ABUSIVE TRADE PRACTICES.
JUST ONE AREA ALONE.
WE OUGHT TO START TALKING ABOUT
FAIR TRADE, FAIR TRADE, FAIR
TRADE.
NOT FREE TRADE, FREE TRADE, FREE
TRAEUFPLTD BECAUSE YOU SEE WHERE
FREE TRADE GETS US IF WE DON'T
STAND UP TO OTHER COUNTRIES WHO
MANIPULATE THEIR CURRENCIES LIKE
KHAOEURPBGS AND TO WHOM WE'RE
SHIPPING -- LIKE CHINA, AND TO
WHOM WE'RE SHIPPING ALL OUR JOBS
AND OUR MONEY.
I THINK OUR ECONOMY IS AT THE
POINT OF MAXIMUM DANGER.
THIS CONGRESS IS AT AN HISTORIC
DECISION POINT WITH REGARD TO
RAISING THE DEBT CEILING AND
BRINGING DEFICITS UNDER CONTROL.
HOWEVER, AS WE'VE SEEN PLAYED
OUT IN THE PRESS, IN THE MEDIA,
STANDING IN THE WAY -- STANDING
IN THE WAY OF A RATIONAL,
REASONABLE COMPROMISE, OUR
CONGRESSIONAL REPUBLICANS'
IDEOLOGICAL OBSESSIONING WITH
PRESERVING TAX CUTS FOR
MILLIONAIRES AND BILLIONAIRES AT
ALL COSTS.
PRESIDENT'S DEFICIT-REDUCTION
THEY HAVE REJECTED THE
PLAN THAT WAS $4 TRILLION.
HE WENT OVER HALFWAY.
THEY REJECTED THAT.
NOW THEY'RE THREATENING TO FORCE
US TO DEFAULT ON THE NATIONAL
DEBT.
I'LL JUST CLOSE ON THIS,
MR. PRESIDENT.
I HEARD OUR DISTINGUISHED
MINORITY LEADER, THE SENATOR
FROM KENTUCKY, SAID THAT THIS
WAS NOW OBAMA'S ECONOMY.
AND THE PROBLEMS WE HAVE IS
BECAUSE OF OBAMA BECAUSE HE'S
BEEN THERE ALMOST, ALMOST THREE
YEARS.
TWO AND A HALF YEARS NOW.
SO, THEREFORE, HE OWNS IT.
YOU KNOW, THIS IS REALLY A KIND
OF AN INTERESTING WORLD WE'RE
LIVING IN.
WE'RE -- WE HAVE A DEBT CEILING.
AND WHY HAS THE DEBT GONE UP?
BORROWED MONEY.
THE DEBT'S GONE UP BECAUSE WE
WE BORROWED A LOT OF MONEY.
THE CONGRESSIONAL BUDGET OFFICE
SAYS THAT THE DEBT THAT WE HAVE
TODAY COMES FROM, NUMBER ONE --
NOW REMEMBER TEN YEARS AGO, TEN
YEARS AGO RIGHT NOW WE HAD A
SURPLUS, A BUDGET SURPLUS, ONE
OF THE LARGEST IN OUR NATION'S
HISTORY LEFT THANKS TO PRESIDENT
CLINTON.
WELL, THEN PRESIDENT BUSH COMES
INTO OFFICE.
REPUBLICANS TAKE OVER THE HOUSE.
REPUBLICANS TAKE OVER THE
SENATE.
WHAT DO THEY DO?
THEY RAM THROUGH A MASSIVE TAX
CUT AND GIVES IT MOSTLY TO THE
WEALTHY IN OUR COUNTRY.
THEN 9/11 HAPPENS, WE RUN INTO
TWO WARS TOTALLY UNPAID FOR.
JUST BORROW IT.
BORROW IT FROM CHINA, WHEREVER.
JUST BORROW THE MONEY TO PAY FOR
TWO WARS.
THEN WE HAD A MEDICARE DRUG
PRESCRIPTION BENEFITS, AND WE
DIDN'T PAY FOR THAT.
WE BORROWED MONEY FOR THAT ALSO.
AND SO, THE DEBT THAT WE HAVE
TODAY, THAT WE'RE GRAPPLING WITH
IS BECAUSE OF POLICIES ENACTED
BY A REPUBLICAN PRESIDENT AND A
REPUBLICAN CONGRESS.
SO THEY RAN UP THE DEBT AND NOW
THEY DON'T WANT TO PAY FOR IT.
THIS IS NOT PRESIDENT OBAMA'S
DEBT, NOT AT ALL.
THIS IS WHAT HAPPENS WHEN YOU
HAVE ALMOST EIGHT, NINE YEARS OF
UNINTERRUPTED BORROWING AND
SPENDING, BORROWING AND SPENDING
BY PRESIDENT BUSH AND A
REPUBLICAN CONGRESS.
WELL, THIS IS THEIR DEBT.
AGAIN, I CALL UPON REPUBLICANS,
REASONABLE, RESPONSIBLE
REPUBLICANS TO COME FORWARD AND
GIVE UP ON THIS IDEOLOGICAL
OBSESSION THAT THEY HAVE, THIS
NEW THEOLOGY THAT SAYS NO TAX
REFORM, NO RAISING OF REVENUES
FROM ANYONE, EVEN THOSE THAT CAN
AFFORD IT THE MOST.
WELL, MR. PRESIDENT, I STILL
REMAIN AN OPTIMIST.
IT IS NOT TOO LATE FOR REASON TO
PREVAIL.
YOU'VE HEARD LOUDLY AND CLEARLY
FROM THE EXTREMISTS AND
IDEOLOGUES WHO WOULD BRING DOWN
OUR ECONOMIC HOUSE RATHER THAN
AGREE TO ANY COMPROMISE.
NOW IT'S TIME FOR DECENT,
AND SAY ENOUGH.
PATRIOTIC AMERICANS TO SPEAK UP
WE CAN AND MUST COME TOGETHER
AROUND A BALANCED PLAN TO BRING
OUR DEFICITS UNDER CONTROL, AND
WE MUST UPHOLD THE FULL FAITH
AND CREDIT OF THE UNITED STATES
OF AMERICA.
MR. PRESIDENT, WITH THAT I YIELD
THE FLOOR.
AND I NOTE THE ABSENCE OF A
QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
QUORUM CALL:
A SENATOR: MR. PRESIDENT.
THE
SENATOR FROM DELAWARE.
I ASK UNANIMOUS
CONSENT THE PROCEEDINGS UNDER
THE QUORUM CALL BE VITIATED.
WITHOUT
OBJECTION.
THANK YOU,
MR. PRESIDENT.
I RISE TODAY AS HAVE SO MANY
OTHER SENATORS BECAUSE I'M
CONCERNED.
I'M CONCERNED ABOUT WHAT I HAVE
BEEN HEARING ABOUT THE THREAT OF
DEFAULT HAS NOW JUST OVER THREE
WEEKS AWAY.
WHAT I HAVE HEARD BOTH HERE IN
WASHINGTON AND IN MY HOME STATE
OF DELAWARE.
THIS LOOMING DEFAULT CRISIS IS
ONE OF THE MOST GRAVE AND MOST
PREDICTABLE THREATS FOR OUR
ECONOMY AND OUR COUNTRY THAT I
HAVE EVER SEEN.
AND IT'S NO LONGER FLOATING IN A
DISTANCE OVER THE HORIZON,
SOMETHING WE CAN DEBATE
ACADEMICALLY, SOMETHING WHOSE
IMPACT WE MAY YET AVERT.
IT IS HERE.
WE ARE ON THE EDGE.
WE ARE GIVEN THE DIFFICULTIES
THIS BODY CAN HAVE IN MOVING
SOMETHING THROUGH IN A MATTER OF
DAYS, WE ARE VERY CLOSE TO THE
ABSOLUTE LAST DAY WHEN WE CAN
CONSIDER OPTIONS AND A PATH
FORWARD.
DEFAULT IS RIGHT BEFORE US, AND
IT MUST BE DEALT WITH.
I RISE TODAY NOT TO ADD TO THE
POLITICAL RHETORIC.
THERE HAS CERTAINLY BEEN PLENTY
OF THAT IN THE LAST FEW DAYS.
NOR DO I RISE TO TRY TO ILLICIT
PANIC OR FEAR IN THE BROADER
PUBLIC.
I RISE BECAUSE THE FOLKS OF
DELAWARE, THE PEOPLE FROM WHOM I
HAVE BEEN HEARING JUST DON'T
KNOW WHAT TO BELIEVE.
THEY KNOW OUR DEFICIT SPENDING,
THEY KNOW OUR NATIONAL DEBT IS
OUT OF CONTROL AND THEY ARE
DEEPLY CONCERNED.
THAT'S GOOD.
I SHARE THAT CONCERN.
I SHARE THAT COMMITMENT TO
MAKING CERTAIN THAT WE REDUCE
OUR SPENDING AND WE DEAL WITH
OUR DEFICITS, BECAUSE DEFICITS
AND DEBT OF THE SIZE THAT WE
FUNDAMENTALLY.
HAVE TODAY CAN HARM OUR ECONOMY
THEY ARE A BASIC CHALLENGE TO
OUR NATIONAL SECURITY, TO OUR
FORWARD.
SUCCESS, TO OUR GROWTH GOING
BUT I ALSO RISE BECAUSE THERE IS
NO FASTER WAY TO ENSURE THAT OUR
ECONOMY WILL NEVER GET BACK ON
TRACK, THAT OUR COUNTRY WILL
NEVER REACH ITS FULL POTENTIAL
THAN TO LET OUR NATION DEFAULT
ON ITS FINANCIAL OBLIGATIONS.
WE NEED TO DEAL WITH THIS
DEFAULT CRISIS, MR. PRESIDENT,
IN A RESPONSIBLE AND PRAGMATIC
WAY TO CREATE A REAL AND LASTING
SOLUTION.
WE MUST, IN MY VIEW, RESTORE
CERTAINTY TO OUR MARKETS TO HELP
GET OUR ECONOMY GOING AGAIN.
WHAT DO WE HEAR FROM BUSINESS?
FROM BUSINESSMEN LARGE AND SMALL
ALL OVER THE COUNTRY, CERTAINTY,
WE NEED PREDICTABILITY, WE NEED
CERTAINTY IN THE MARKETS.
NOTHING IS CREATING UNCERTAINTY
MORE THAN THIS CHRISTKINDLING
LACK OF RESOLUTION TO THE --
THAN THIS GRINDING LACK OF
RESOLUTION TO THE VOTE TO RAISE
OUR DEBT CEILING.
I WANT TO TAKE A LOOK AT A FEW
OF THE MYTHS THAT I HEAR AT HOME
THAT I THINK NEED TO BE CLEARED
UP.
FIRST, SOME MEMBERS OF THIS BODY
AND THE OTHER HOUSE OF CONGRESS,
SOME FOLKS RUNNING FOR
PRESIDENT, SOME PEOPLE IN THE
PRESS HAVE SUGGESTED THAT A
DEFAULT WILL CAUSE ONLY MINOR
ECONOMIC DISRUPTION, IF ANY AT
ALL.
ECONOMIST AFTER ECONOMIST, THINK
TANK AFTER THINK TANK, STUDY
AFTER STUDY HAVE SHOWN IN THE
LAST FEW WEEKS THAT NOTHING
COULD BE FURTHER FROM THE TRUTH.
THERE ARE PREDICTABLE
CONSEQUENCES OF DEFAULT THAT
WILL AFFECT EVERY AMERICAN,
AMERICANS IN EVERY STATE, OF
EVERY INCOME LEVEL.
AND MORE THAN ANY, I WORRY ABOUT
THE WORKING FAMILIES OR THOSE
CURRENTLY OUT OF WORK WHO ARE
ALREADY STRUGGLING THROUGH THE
GREATEST RECESSION WE HAVE KNOWN
IN MY LIFETIME.
ONE REPORT SUGGESTS 640,000
PEOPLE WILL LOSE THEIR JOBS IN
THE MONTHS AFTER DEFAULT.
ECONOMISTS CONFIRM THAT THE COST
OF HOME MORTGAGES, OF CAR LOANS,
OF INTEREST RATES WILL GO UP FOR
EVERYTHING.
THE COST OF FOOD, OF GAS, OF
EVERYDAY ITEMS FOR FAMILIES ALL
OVER THIS COUNTRY WILL GO UP, IN
REAL AND CONCRETE WAYS.
AND MORE IMPORTANTLY, IF WE
DEFAULT ON AMERICA'S MORTGAGE,
THE IMPACT IN TERMS OF THE
INCREASED COST OF BORROWING FOR
OUR WHOLE COUNTRY AND FOR ALL OF
BRIEF.
OUR FAMILIES WON'T JUST BE
IT WILL BE LASTING BECAUSE IT
WILL HANG WITH US ON OUR CREDIT
SCORE AS A NATION FOR YEARS.
SO THE -- TO THE FOLKS WATCHING,
IF YOU THINK IT'S DIFFICULT TO
FIND A JOB OR TO HELP GROW A
BUSINESS, TO HELP DEAL WITH THE
DAILY COST OF LIVING NOW, JUST
WAIT UNTIL WE DEFAULT ON
AMERICA'S MORTGAGE AND THE COST
OF BORROWING FUNDS TO DO
ANYTHING, TO CREATE NEW JOBS OR
HELP PAY YOUR BILLS AS A FAMILY
GOES UP, DEFAULT WILL HAVE REAL
AND LASTING ECONOMIC
CONSEQUENCES THAT WILL HALT THIS
ECONOMY -- HAUNT THIS ECONOMY
AND HAUNT THE WORKING FAMILIES
OF THIS NATION FOR YEARS.
THE SECOND MYTH, MR. PRESIDENT,
THAT WE CAN JUST STOP SPENDING
MONEY WITHOUT REAL CONSEQUENCES.
SOME IN THIS VERY CHAMBER HAVE
SUGGESTED THAT WHEN WE GET TO
AUGUST, THERE IS STILL PLENTY OF
MONEY COMING IN TO SERVICE THE
DEBT, SO THERE IS NO REAL THREAT
OF DEFAULT, AND WHAT WE NEED TO
DO IS A RELATIVELY SIMPLE
EXERCISE OF JUST DECIDING WHICH
THINGS WE WILL STOP PAYING.
THE SECOND MYTH GOES THAT THE
TREASURY DEPARTMENT WILL JUST
START PICKING WINNERS AND
LOSERS.
THEY WILL PAY SOCIAL SECURITY
BUT FORGO MEDICARE.
THEY WILL PAY OUR TROOPS BUT
PINK SLIP OUR FEDERAL CIVILIANS.
THEY WILL FUND THE PENTAGON BUT
FORGET THE DEPARTMENT OF
EDUCATION.
NEVER MIND THE ETHICAL
QANDARIES, THE LONG-TERM
DISSERVICE SUCH ACTION WOULD
COUNTRY.
HAVE ON OUR ECONOMY AND OUR
IN FACT, THE TRUTH IS IT'S ALSO
NOT EVEN CLEAR THEY HAVE THE
LEGAL AUTHORITY TO DO SO IN THE
TREASURY DEPARTMENT, TO PICK
THESE WINNERS AND LOSERS ON A
WEEK-BY-WEEK BASIS.
TO JUST CHOOSE ONE EXAMPLE OF
THE STUDIES THAT HAVE BEEN DONE
ON THIS MYTH, THAT WE CAN SIMPLY
PAY THE DEBT SERVICE AND A FEW
BIG THINGS AND THE CONSEQUENCES
OF THE REST WOULD BE FINE,
ACCORDING TO THE BIPARTISAN
POLICY CENTER, BEGINNING IN
AUGUST, IF WE CONTINUE TO MAKE
PAYMENTS -- OBVIOUSLY, ON
INTEREST ON THE DEBT, BUT ALSO
ON SOCIAL SECURITY, MEDICARE,
MEDICAID, ALL DEFENSE
CONTRACTORS AND UNEMPLOYMENT
INSURANCE, SO THE REALLY
IMPORTANT THINGS, AND WE JUST
STOP PAYING THE REST.
OUR TROOPS ON ACTIVE DUTY, ALL
OF OUR VETERANS' PROGRAMS, ALL
OF LAW ENFORCEMENT, INCLUDING,
FOR EXAMPLE, THE F.B.I., THE
WHOLE FEDERAL COURT SYSTEM, THE
F.A.A. WHICH MONITORS AIR
TRAFFIC, THE F.D.A. WHICH
INSPECTS FOOD QUALITY AND SAFETY
AND A HOST OF DOZENS AND DOZENS
OF OTHER FEDERAL PROGRAMS WOULD
COME TO A HALT WITHIN DAYS.
SO THE CONSEQUENCES TO THE
SAFETY OF OUR FAMILIES, TO THE
STRENGTH OF OUR ECONOMY, TO THE
CONFIDENCE OF OUR COUNTRY, TO
OUR ROLE AT HOME AND ABROAD
ALMOST CATASTROPHIC.
WOULD IN MY VIEW BE TRAGIC,
SO EVEN IF WE COULD AVOID
TECHNICALLY DEFAULT FOR A FEW
DAYS OR WEEKS BY CONTINUING TO
SERVICE OUR DEBT, THE COSTS AND
CONSEQUENCES OF THESE OTHER EASY
CHOICES WOULD BE DRAMATIC,
DIFFICULT AND LASTING.
ACCORDING TO STEVE MCMILLAN WHO
WAS RECENTLY QUOTED ON THIS
TOPIC, THE FORMER O.M.B. DEPUTY
DIRECTOR UNDER PRESIDENT BUSH.
HE WOULD SAY I WOULD SAY THE
OPTIONS TREASURY HAS IF THE DEBT
LIMIT IS NOT RAISED ARE ALL VERY
UGLY.
LET ME GIVE YOU A THIRD MYTH.
AS I WAS TALKING WITH SOME SMALL
BUSINESS OWNERS IN DELAWARE OVER
THE PAST WEEK, SOME SUGGESTED
THAT THEY REALLY FELT WE NEEDED
TO GO AHEAD, TAKE THE TOUGH
MEDICINE OF DEFAULTING AND CUT
UP THE PRESIDENT'S CREDIT CARD,
SPENDING.
STOP THE PRESIDENT FROM
AND WHILE I SHARE THEIR CONCERNS
ABOUT THE VERY REAL AND VERY
SIGNIFICANT THREAT POSED BY OUR
DEEP DEFICITS AND SHARE THE VIEW
THAT WE MUST CUT SPENDING, AS
ALL OF US WHO ARE DEMOCRATS ON
THE BUDGET COMMITTEE HAVE SAID
NOW PUBLICLY, WE'RE COMMITTED TO
A BALANCED APPROACH THAT
SIGNIFICANTLY CUTS FEDERAL
SPENDING.
THE METAPHOR OF CUTTING UP THE
CREDIT CARDS IS WRONG.
NOT JUST WRONG.
IT'S DESPERATELY WRONG AND
MISLEADING.
OUR NATION DEFAULTING ON ITS
DEBT IS NOT LIKE CUTTING UP THE
CREDIT CARDS AND STOPPING THE
FUTURE SPENDING.
IT'S MUCH MORE LIKE DEFAULTING
ON A MORTGAGE.
IT HURTS OUR CREDIT RATING AND
HINDERS OUR ABILITY TO BORROW.
AS WE HAVE BEEN TOLD BEFORE,
EVERY ONE PERCENTAGE INCREASE IN
INTEREST RATES WILL CAUSE OUR
NATIONAL DEBT TO GO UP
UP $1.3 TRILLION OVER TEN YEARS.
ACCORDING TO SOME ECONOMISTS,
INCREASED INTEREST RATES COULD
LAST FOR A DECADE OR MORE.
NO, THE OBLIGATIONS THAT COME
DUE AUGUST 2 ARE THE OBLIGATIONS
THAT HAVE ALREADY BEEN
UNDERTAKEN.
AS SENATOR HARKIN SAID BEFORE
ME, IT IS REPUBLICAN PRESIDENTS,
IT IS REPUBLICANS, BOTH
PRESIDENT AND CONGRESS
DEMOCRATS, BOTH PRESIDENT AND
CONGRESS OVER THE LAST DECADE
HOUSE AS A COUNTRY.
WHO HAVE MOVED US INTO A BIGGER
IT IS THE COST OF TWO WARS, THE
CAST OF -- THE COST OF AN
EXPANDED MEDICARE PART-D, THE
COST OF AN EXPANDED INVESTMENT
IN OUR COUNTRY, THE COST OF THIS
BIGGER HOUSE THAT IS NOW COMING
DUE.
AND FOR US TO STOP PAYING THAT
MORTGAGE WOULD HAVE THE SAME
CONSEQUENCES FOR OUR COUNTRY AS
IT WOULD FOR ANY FAMILY BECAUSE
WHEN YOU DEFAULT ON YOUR
MORTGAGE, IT'S NOT LIKE CUTTING
UP A CREDIT CARD.
IT AFFECTS YOUR CREDIT RATING,
IT AFFECTS YOUR ABILITY TO
BORROW, IT AFFECTS YOUR ABILITY
TO DO ANYTHING MORE FOR YOUR
FAMILY FOR YEARS TO COME.
SO, TOO, WOULD THE CONSEQUENCES
BE FOR THIS COUNTRY, AND IN MY
VIEW, WE CAN'T AFFORD TO LET OUR
COUNTRY BECOME A BAD INVESTMENT.
LAST, SOME HAVE SUGGESTED THAT
AUGUST 2 IS NOT A SERIOUS
DEADLINE, THAT SOMEHOW SECRETARY
GEITHNER MUST HAVE SOME OTHER
RABBIT IN THE HAT OR SOME ESCAPE
HATCH.
BACK IN JANUARY, SECRETARY
GEITHNER SENT A LETTER TO ALL OF
US IN CONGRESS SUGGESTING WE
WOULD, IN FACT, RUN OUT OF MONEY
ON MAY 16 AND THE GOVERNMENT,
THE TREASURY DEPARTMENT, WOULD
THEN HAVE TO START TAKING
EXTRAORDINARY MEASURES TO AVOID
DEFAULT.
IN FACT, HE DETAILED IN SIX
PAGES ALL THE EXTRAORDINARY
MEASURES THAT WOULD BE REQUIRED,
AND HE WAS RIGHT.
ALMOST LITERALLY TO THE DIE
ABOUT WHEN THAT TRANSITION
OCCURRED AND WHEN THOSE
EXTRAORDINARY MEASURES NEEDED TO
BE DEPLOYED.
THE TIME RUNS OUT AUGUST 2, BUT
IF YOU DON'T BELIEVE THE
DEADLINES FOR SOME REASON
PRESENTED TO US BY OUR VERY OWN
SECRETARY OF THE TREASURY AND
THE TREASURY DEPARTMENT, JUST
LOOK AT WHAT THE THREE BOND
RATING AGENCIES ARE ALREADY
SAYING ABOUT THE IMPENDING
DEFAULT.
MOODY'S, S&P AND FITCH HAVE ALL
THREATENED TO DOWNGRADE
AMERICA'S RATING.
FROM AAA, THE MOST SECURE AND
STABLE IN THE WORLD, S&P
SUGGESTED LAST WEEK, TO D, TO
JUNK BOND STATUS.
MR. PRESIDENT, I SUGGEST AMERICA
IS NOT A JUNK BOND NATION.
IT PUTS US AT RISK, AS A NATION,
AS A PEOPLE, AS AN ECONOMY.
WHEN WE ARE MENTIONED IN THE
SAME SENTENCES AS IRELAND, AS
GREECE, AS ITALY, AS COUNTRIES
CURRENTLY WRESTLING WITH
FUNDAMENTAL FAILURES TO MEET
THEIR OBLIGATIONS AS A COUNTRY
AND WE ARE BETTER THAN THAT.
ALL OF US IN THIS CHAMBER, ALL
OF US, MR. PRESIDENT, ARE
CHALLENGED TO COME TOGETHER AND
TO PUT OUR ECONOMY AND OUR
COUNTRY BACK ON SOLID FOOTING,
TO RESTORE CERTAINTY TO THE
MARKETS, TO GIVE CONFIDENCE TO
RETIREES, TO FAMILIES RAISING
CHILDREN, TO SMALL BUSINESSES
ABOUT GETTING SERIOUS ABOUT
PUTTING A PLAN ON THIS FLOOR
NEXT WEEK AND PASSING IT.
BECAUSE, FRANKLY, IF WE ALLOW
THIS COUNTRY TO DEFAULT ON ITS
SOVEREIGN DEBT, TO FAIL TO MEET
ITS MORAL COMMITMENT, BOTH
FINANCIAL AND TO THE PEOPLE OF
THE UNITED STATES, THE
CONSEQUENCES WILL BE DESPERATE
AND LASTING.
MR. PRESIDENT, I SUGGESTED A FEW
WEEKS AGO THAT WE SHOULD
CONSIDER SERIOUSLY THE
BIPARTISAN POLICY COMMISSION'S
PROPOSAL, SO-CALLED SAVE-GO
WHICH WOULD PICK UP WHERE THE
PAYGO DISCIPLINE OF THE 1990'S
CURRENT SITUATION.
STARTED AND MODERNIZE IT FOR OUR
IF WE CANNOT GET A
COMPREHENSIVE, $4 TRILLION
BALANCED DEAL TOGETHER TO THIS
FLOOR AND PASSED, LET US AT
LEAST GET A DOWN PAYMENT AND
ENFORCE A BUDGET MECHANISM THAT
WOULD ENSURE THAT COMPREHENSIVE
DEAL IS ACCOMPLISHED OVER THE
NEXT DECADE.
SAVE-GO WHICH I RECOMMEND TO
EVERYONE IN THIS BODY WOULD LOCK
IN SAVINGS OVER THE NEXT DECADE,
FORCE BOTH PARTIES TO STAY AT
THE TABLE AND URGE US TO MEET
THE TARGETS THAT WE ALL KNOW WE
NEED TO MEET, TO REDUCE OUR
DEFICITS, TO STABILIZE OUR DEBT,
TO STRENGTHEN OUR COUNTRY AND TO
MOVE PAST THIS TRAGIC, NARROW
DEBATE OVER AUGUST 2 AND OUR
NATION'S MORTGAGE.
WE NEED, MR. PRESIDENT, TO
FOCUS, NOT ON THE NEXT ELECTION
CYCLE, NOT ON THE PARTISAN BACK
AND FORTH THAT MIGHT WIN ONE
PARTY OVER ANOTHER, ONE PERSON
OVER ANOTHER ADVANTAGE IN THIS
CHAMBER OR THE OTHER FOR 2012,
BUT WE NEED INSTEAD TO FOCUS ON
FUTURE.
THE NEXT GENERATION, ON THE
THE ONLY WAY FORWARD, IN MY
VIEW, IS TO HONOR OUR MORAL
COMMITMENTS AS A NATION, TO THE
MEN AND WOMEN WHO RELY ON
MEDICARE AND MEDICAID AND SOCIAL
SECURITY, ON THE SAFETY OF OUR
TROOPS AND ON THE INVESTMENTS WE
MAKE IN THE FUTURE AND TO
CONTINUE TO HONOR OUR
OBLIGATIONS AS A NATION.
TO DO ANYTHING LESS IS TO
DISHONOR THE SACRIFICE OF THOSE
WHO HAVE SERVED US IN THE PAST
AND TO IGNORE THE VERY REAL
NEEDS OF THE WORKING FAMILIES
ALL OVER THIS COUNTRY WHO LOOK
TO US FOR LEADERSHIP AND
SACRIFICE TO PUT US ON A
SUSTAINABLE PATH FORWARD.
THANK YOU, MR. PRESIDENT.
WITH THAT, I SUGGEST THE ABSENCE
OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL: OFFICER THE SENATOR
FROM VERMONT.
I WOULD VITIATE
THE QUORUM CALL.
WITHOUT
OBJECTION.
MR. PRESIDENT, WE
ARE AT A PIVOTAL MOMENT IN
AMERICAN HISTORY, AND I THINK
MANY AMERICANS ARE CONFUSED AND
PERPLEXED AND ANGRY AND
FRUSTRATED AS TO WHERE WE ARE
TODAY AND HOW WE GOT TO WHERE WE
ARE AND WHAT THE CONSEQUENCES OF
DECISIONS MADE IN THE PAST OR
BEING MADE RIGHT NOW WILL MEAN
TO THEIR FAMILIES.
LET ME JUST TAKE A MINUTE TO TRY
TO GIVE YOU MY VIEW AS TO HOW WE
GHOTGOT TO WHERE WE ARE AND WHAT OUR
OPTIONS ARE.
AS YOU HAVE JUST STATED,
MR. PRESIDENT, AND SENATOR
HARKIN BEFORE YOU, ANYONE WHO
TALKS BLINDLY ABOUT DEFAULT IN
SAYING IT IS NOT A BIG DEAL FOR
THIS COUNTRY CLEARLY DOES NOT
UNDERSTAND WHAT HE OR SHE IS
TALKING ABOUT.
THIS IS THE GREATEST NATION IN
THE HISTORY OF THE WORLD.
THIS IS A NATION WHOSE FAITH AND
CREDIT HAS BEEN THE GOLD
STANDARD OF COUNTRIES THROUGHOUT
THE WORLD.
THIS IS A NATION SINCE GEORGE
WASHINGTON WHICH HAS PAID OUT
EVERY NICKEL THAT IT HAS
BORROWED, WHICH IS IN FACT WHY
IT IS THE GREAT NATION THAT IT
IS AND WHY WE HAVE THE STRONGEST
ECONOMY IN THE WORLD TODAY,
TROUBLED THOUGH IT MAY BE.
THE IDEA FOR SOME PEOPLE TO
SIMPLY SAY, OH, NOT A BIG DEAL,
WE'RE NOT GOING TO PAY OUR DEBT,
MOG TO REALLYNOTHING TO REALLY WORRY ABOUT --
THOSE ARE PEOPLE WHO ARE WISHING
OUR ECONOMY HARM FOR POLITICAL
REASONS, AND THOSE ARE PEOPLE
WHOSE ATTITUDES WILL HAVE
TERRIBLE CONSEQUENCES FOR
VIRTUALLY EVERY WORKING FAMILY
IN THIS COUNTRY IN TERMS OF
HIGHER INTEREST RATES, IN TERMS
OF SIGNIFICANT JOB LOSS, IN
TERMS OF MAKING A VERY UNSTABLE
GLOBAL ECONOMY EVEN MORE
UNSTABLE.
THIS COUNTRY, WHICH HAS PAID ITS
DEBTS FROM DAY ONE, MUST PAY ITS
DEBTS, AND I CAN'T SAY IT
ANYMORE CLEARLY THAN THAT.
NOW, OUR REPUBLICAN FRIENDS,
ESPECIALLY OUR RIGHT-WING
FRIENDS WHO NOW CONTROL THE
HOUSE OF REPRESENTATIVES, THEY
HAVE GIVEN US AN OPTION.
AND HERE'S THEIR OPTION:
WHAT THEY HAVE SAID IS, WE WANT
TO DO DEFICIT REDUCTION, AND
IT.
THIS IS HOW WE'RE GOING TO DO
WE'RE GOING TO END MEDICARE AS
WE KNOW IT AND FORCE ELDERLY
PEOPLE, MANY OF WHOM DON'T HAVE
THE MONEY TO PAY SUBSTANTIALLY
MORE FOR THEIR HEALTH CARE.
SO WHEN YOU'RE 70 UNDER THEIR
PLAN AND YOU GET SICK AND YOU
DON'T HAVE A WHOLE LOT OF
INCOME, WE DON'T KNOW WHAT
HAPPENS TO YOU.
THEY FORTH TO TELL FORGET TO TELL US.
BUT WHAT THEY DID FORGET TO TELL
US IS THAT MEDICARE IS NOT GOING
TO BE THERE FOUR.
AND THOLED US THAT TOMORROW IF
THEIR PLAN WAS PASSED YOU'RE
GOING TO HAVE TO PAY A HECK OF A
LOT MORE FOR THE PRESCRIPTION
DRUGS YOU'RE GETTING TODAY.
OH, YOU DON'T HAVE THE MONEY?
THAT'S NOT OUR PROBLEM.
AND THEY TOLD US WE'RE GOING TO
MAKE SAVAGE CUTS IN MEDICAID,
THROW MILLIONS OF KIDS OFF THE
HEALTH INSURANCE WHEN 50 MILLION
KIDS HAVE NO HEALTH INSURANCE
TODAY.
THEY WANT MILLIONS MORE WITHOUT
ANY HEALTH INSURANCE.
AND IF YOUR MOM OR DAD IS IN A
NURSING HOME AND THAT NURSING
HOME BILL IS PAID SIGNIFICANTLY
BY MEDICAID AND MEDICAID ISN'T
PAYING ANYMORE, THEY FORGOT TO
TELL US WHAT HAPPENS TO YOUR MOM
OR DAD IN THAT NURSING HOME.
WHAT HAPPENS?
AND WHAT HAPPENS TODAY IF YOU
ARE UNEMPLOYED AND YOU'RE NOT
ABLE TO GET UNEMPLOYMENT
EXTENSION, WHAT HAPPENS IF YOU
ARE A A MIDDLE-CLASS FAMILY
DESPERATELY TRYING TO SEND THEIR
KIDS TO COLLEGE AND YOU MAKE
SAVAGE CUTS TO PELL GRANTS AND
YOU CAN'T GO TO COLLEGE?
WHAT DOES IT MEAN FOR THE NATION
IF WE ARE NOT BRINGING FORTH
YOUNG PEOPLE THAT HAVE THE
EDUCATION THAT THEY NEED.
THEY FORGOT TO TELL US THAT.
AND IF ONE OF THE GROWING NUMBER
OF SENIOR CITIZENS IN THIS
COUNTRY WHO ARE GOING HUNGRY,
THEY WANT TO CUT NUTRITION
PROGRAMS.
AND ON AND ON IT GOES.
EVERY PROGRAM THAT HAS ANY
SIGNIFICANCE TO WORKING
FAMILIES, THE SICK, THE ELDERLY,
THE CHILDREN, THE POOR, THEY ARE
GOING TO CUT, AND THEY ARE
DID-TO-CUT IN A SAVAGE WAY, AND
THEY ARE GOING TO DO THAT IN THE
MIDST OF A RECESSION WHERE REAL
UNEMPLOYMENT IS ALREADY AT 15%
AND THE MIDDLE CLASS IS
DISAPPEARING AND POVERTY IS
INCREASING.
THAT'S THEIR IDEA.
ANDS THEN WHEN YOU SAY TO THEM,
WELL, THE VERY, VERY RICH ARE
DOING PHENOMENALLY WELL, THE TOP
1% NOW EARNS MORE INCOME EN THIS
THE BOTTOM 50%.
THE TOP 400 WEALTHIEST FAMILIES
IN THIS COUNTRY OWN MORE WEALTH
THAN THE BOTTOM 150 MILLION
AMERICANS.
DON'T YOU THINK MAYBE IT'S
APPROPRIATE THAT WHEN THE RICH
ARE GETTING RICHER, THEIR TAX
RATES HAVE GONE DOWN, THEIR
EFFECTIVE TAX RATES ARE THE
LOWEST IN MODERN HISTORY, WHEN
MAJOR CORPORATIONS ARE MAKING
BILLIONS IN PROFITS, IN SOME
CASES NOT PAYING A NICKEL IN
TAXES, DON'T YOU THINK MAYBE
IT'S FAIR THAT THEY CONTRIBUTE
TO DEFICIT REDUCTION RATHER THAN
JUST THE ELDERLY AND THE SICK
AND WORKING FAMILIES?
AND THEY SAY, NO, WE'VE GOT A
LINE IN THE SAND, AND IF IT
MEANS THIS COUNTRY WILL DEFAULT
ON ITS DEBT FOR THE FIRST TIME
IN HISTORY, THAT'S OKAY.
BUT WE ARE ABSOLUTELY GOING TO
DEFEND THE RICHEST PEOPLE IN
THIS COUNTRY -- MILLIONAIRES AND
BILLIONAIRES -- AND MAKE SURE
TAXES.
THEY DON'T PAY A NICKEL MORE IN
WE'RE GOING TO MAKE SURE THERE
IS NO TAX REFORM SO WE CAN
CONTINUE TO LOSE $100 BILLION
EVERY SINGLE YEAR BECAUSE
WEALTHY PEOPLE AND CORPORATIONS
STASH THEIR MONEY IN TAX HAVENS
IN THE CAYMAN ISLANDS OR
BERMUDA, AND THAT'S JUST FINE.
WE'LL PROTECT THOSE TAX BREAKS
WHILE WE SAVAGE PROGRAMS FOR
WORKING FAMILIES.
THOSE ARE THE CHOICES THAT OUR
RIGHT-WING REPUBLICAN FRIENDS
ARE GIVING US.
DEFAULTS WITH HORRENDOUS
ECONOMIC CONSEQUENCES FOR
WORKING FAMILIES IN THIS COUNTRY
AND IN FACT FOR THE ENTIRE
GLOBAL ECONOMY OR MASSIVE CUTS
TO PROGRAMS THAT WORKING
FAMILIES DESPERATELY NEED.
WELL, YOU KNOW WHAT,
MR. PRESIDENT?
NEITHER OF THOSE OPTIONS ARE
ACCEPTABLE TO ME, AND NEITHER
ARE THOSE OPTIONS ACCEPTABLE TO
THE VAST MAJORITY OF THE PEOPLE
IN THIS COUNTRY.
EVERY SINGLE POLL THAT I HAVE
SEEN SAYS THAT THE AMERICAN
PEOPLE WANT SHARED SACRIFICE.
THEY DON'T WANT OR BELIEVE THAT
DEFICIT REDUCTION CAN SIMPLY
COME DOWN ON THE BACKS OF THE
WEAK AND THE VULNERABLE, THE
ELDERLY, THE CHILDREN, AND THE
POOR; THAT THE WEALTHY AND LARGE
CORPORATIONS ALSO HAVE TO
PARTICIPATE.
MR. PRESIDENT, I MUST ALSO, IN
ALL HONESTY, TELL YOU THAT I I
HAVE BEEN DISAPPOINTMENTED BY
THE PRESIDENT'S ROLE IN THESE
DISCUSSIONS AND SOME OF HIS
IDEAS.
HE HAS BROUGHT FORTH AND IDEA
WHICH I CATEGORICALLY REJECT,
THAT WE SHOULD MAKE SIGNIFICANT
CUTS IN SOCIAL SECURITY, THAT
WHEN SOMEONE REESMS THE AGE OF
85 -- WHEN SOMEONE REACHES THE
AGE OF 85, THEY WOULD LOSE
$1,000 AS OPPOSED TO WHAT THEY
WOULD HAVE OTHERWISE GOTTEN.
THIS SENATOR IS NOT GOING TO
BALANCE OUR BUDGET ON THE BACKS
OF AN 85-YEAR-OLD PERSON WHO'S
EARNING $14,000 A YEAR, NOT WITH
MY VOTE.
AND THIS SENATOR DOES NOT AGREE
WITH THE PRESIDENT THAT WE RAISE
ELIGIBILITY AGE FOR MEDICARE
FROM 65 TO 67, BECAUSE I DON'T
KNOW WHAT HAPPENS TO MILLIONS OF
PEOPLE WHO HAVE WORKED THEIR
WHOLE LIVES, FINALLY REACH 65
ANTICIPATING MEDICARE BUT IT'S
NOT GOING TO BE THERE FOR THEM.
SO I VERY STRONGLY DISAGREE WITH
THE PRESIDENT ON THOSE
INITIATIVES.
MR. PRESIDENT, LET ME JUST TELL
YOU THAT ELECTIONS HAVE
CONSEQUENCES.
AND I THINK MANY PEOPLE NOW ARE
BEGINNING TO CATCH ON TO THAT.
IT IS NO SECRET THAT OUR
RIGHT-WING REPUBLICAN COLLEAGUES
DID VERY WELL IN NOVEMBER 2010.
THEY CAPTURED THE HOUSE OF
REPRESENTATIVES, AND NOW A
YEAR-PLUS LATER, FOR THE FIRST
TIME IN THE HISTORY OF THIS
COUNTRY, WE ARE ON THE VERGE OF
A DEFAULT.
SO I WOULD CLOSE BY SAYING TO
PEOPLE ALL OVER THIS COUNTRY IS
THAT IF YOU BELIEVE THAT WE HAVE
GOT TO START INVESTING IN
AMERICA AND CREATING THE
MILLIONS OF JOBS THAT THIS
COUNTRY DESPERATELY NEEDS,
ELECTIONS HAVE CONSEQUENCES.
AND IF YOU BELIEVE THAT WE HAVE
TO ADDRESS THE DEFICIT CRISIS IN
A WAY THAT IS RESPONSIBLE, IN A
WAY THAT ASKS THE WEALTHY AND
LARGE CORPORATIONS ALSO TO PLAY
A ROLE, IN A WAY, AS SENATOR
HARKIN MENTIONED A MEEMENT AGO,
THAT CALLS FOR CUTS IN DEFENSE
SPENDING AND BRINGING OUR TROOPS
HOME AS SOON AS POSSIBLE FROM
AFGHANISTAN AND IRAQ, YOU HAVE
GOT TO BE INVOLVED IN THE
POLITICAL PROCESS.
IN MY VIEW -- IN MY VIEW -- A
GROUP OF PEOPLE IN THE HOUSE
WHOSE VIEWS REPRESENT A SMALL
MINORITY OF THE AMERICAN PEOPLE
ARE HOLDING THIS CONGRESS
HOSTAGE.
AND IT IS TIME FOR THE AMERICAN
PEOPLE TO STAND UP AND SAY,
ENOUGH IS ENOUGH; THE FUNCTION
OF THE UNITED STATES CONGRESS IS
TO REPRESENT ALL OF OUR PEOPLE
AND NOT JUST THE WEALTHIEST AND
MOD POWERFUL.
AND -- AND MOST POWERFUL.
AND WITH THAT, MR. PRESIDENT, I
WOULD YIELD THE FLOOR AND NOTE
THE ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL: