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Debt Ceiling
Mrs. MURRAY. Mr. President, Senate Democrats just gave Republicans yet another opportunity to do the right thing--to make sure the U.S. Government pays its bills, like every working family in our country does.
Now, Senate Republicans have acknowledged that, even though default would be catastrophic for our economy, they would not vote to prevent it--no Republican votes or help to prevent an economic catastrophe. Now they have kicked their brinksmanship up another notch by blocking Democrats--Democrats only--from voting to avoid default with a purely Democratic vote.
This makes no sense if you truly care about our workers, about our families, about our hard-won economic recovery. It only makes sense if their goal is economic sabotage--if they are so willing to put politics first that you put the American economy on the line. That is, apparently, what the Republican Party stands for today until proven otherwise: economic sabotage and politics first, no matter who gets hurt.
This is a disgrace. It is an embarrassment. But it is not going to stop Democrats from fighting to protect our economy from the devastating consequences of default, because let me be clear: Republicans may think this is some obscure fight right now, but it will not be if it hits Americans' bank accounts, and they are fooling themselves if they think people won't know who is responsible.
I yield the floor.
The PRESIDING OFFICER. The Senator from Minnesota.
Ms. KLOBUCHAR. Mr. President, suspending the debt ceiling is not about generating new spending. It is about making sure the government can pay for our spending. Since 1960, Congress has done this. It has raised the debt ceiling approximately 80 times. It is not unusual; it is not uncommon; it is not unacceptable. What is unacceptable is that our colleagues won't even allow us to do it.
The 50 of us are united in this, and I say: Where are our Republican colleagues?
They know the fact: A default will impact everyone. The government will need to decide between sending out Social Security checks, ensuring we keep our promises to our vets, and paychecks to active military. It is disastrous for our economy and small business.
This year, Neil Bradley of the U.S. Chamber of Commerce said that failing to act responsibly and provide an increase in the debt limit would endanger our economy. It would cause global markets, of course, to lose confidence in the full faith and credit of the United States.
The stakes are high. This should not be about scoring political points. Our families, our workers, our seniors deserve better. Democrats are united to stand by their side.
And we say to our Republican colleagues: Where are you?
The PRESIDING OFFICER. The Senator from Oregon.
Mr. MERKLEY. Mr. President, Rube Goldberg was an American sculptor, cartoonist, and inventor best known for his cartoons that created very complicated machines to do very simple tasks.
Today, we have heard from Mitch McConnell that he wants to emulate Rube Goldberg and put our entire national economy at risk by an extraordinarily complicated method to do a simple task, and the simple task was laid out so clearly in 2006. The minority leader said we are in exactly the same position now as we were then. Well, yes. The Republicans asked the Democrats to not filibuster so that they could raise the debt limit. The tables are turned. The simple same courtesy takes away the risk to our economy.
The risk is great for disaster relief, for Medicaid, for payments to our veterans, for payments to our currently serving forces; and there are broader risks, risks that Mark Zandi has laid out, in saying a recession could result in the loss of millions of jobs, that it could result in the loss of a half a billion dollars in family wealth, that it could be--or $15 trillion in household wealth--$15 trillion.
There are moments when the political games have to stop, when the partisan warfare has to stop. The Democrats did what the Republicans suggested in 2006. We also took an alternative method that Mitch McConnell suggested in the past, which was to let, in 2011, the President raise the debt ceiling subject to an override by Congress. We have twice worked with the Republicans, at their request, for a simple method. This is not the moment for a Rube Goldberg disaster with the wealth and health of Americans at risk.
I thank the Presiding Officer.
The PRESIDING OFFICER. The Senator from Maine.
Ms. COLLINS. Mr. President, I ask unanimous consent that, following my remarks, Senator Lankford and Senator Scott of South Carolina be recognized to speak and to complete their remarks prior to the vote.
The PRESIDING OFFICER. Is there objection?
Without objection, it is so ordered.
SOURCE: Congressional Record Vol. 167, No. 169
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