Full Faith and Credit Act

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. President, I too take the floor of the Senate to urge all of us, Democrats and Republicans alike, to focus on the single biggest domestic threat to our country, our single greatest challenge in the eyes of every Louisianan and every American I know, and that is to stop this runaway spending and debt.

Americans all around the country, certainly Louisianans all around my State, understand this is a grave threat to our economic future. It is not some vague threat to generations two and three away from us. This is an immediate threat because the path of spending and debt we are on is completely unsustainable.

For example, we must come together in a bipartisan way. We must act. We must solve this real and pressing problem before it is an immediate crisis. We should clearly do that well before any need for an increase in the debt limit arises, well before this Congress reaches a crisis atmosphere over the need for an increase in the debt limit.

For all of these reasons, I have joined with many of my colleagues. I sent the majority leader a letter today. First, let me thank my colleagues who joined me on the letter: Senators Sessions, Rubio, DeMint, Paul, Lee, Toomey, and Ensign. The letter is very simple and straightforward. It says this is the greatest challenge we face. It says because of that, we need to face it. We need to debate and talk about it and act. We need to start doing that now, well before any significant deadline like when the debt limit may have to be increased.

The letter says: Mr. Leader, we are going to oppose moving to any other bill that doesn't directly address this crisis when we need to act on this grave threat.

Let me read relevant portions that go right to the point:

Dear Leader Reid:

Yesterday, the Senate voted on two proposals to fund the

government for the rest of the fiscal year. This debate gave

only a limited (three hours) opportunity to debate what many

Americans believe is the issue of our time--cutting

government spending and dramatically reducing our national

debt. Additionally, no member of the Senate was permitted to

offer amendments under the structured process, which in our

opinion prevents a full, open, and robust debate.

With our national debt poised to reach its $14.3 trillion

limit in the very near future, taxpayers expect Congress to

work together to reduce wasteful and unnecessary spending and

be more vigilant about how we spend public funds. The

American people want Congress to deal with the tough issues

of cutting spending, and almost every member of the Senate

has agreed that we must address our fiscal situation

immediately.

While there are certainly many issues that warrant the

Senate's consideration, we feel that the Senate must not

debate and consider bills at this time that do not

affirmatively cut spending, directly address structural

budget reforms, reduce government's role in the economy so

businesses can create jobs, or directly address this current

financial crisis.

The American people resoundingly rejected the way the

Senate waited until Christmas Eve as a mechanism to force

hurried debate on President Obama's massive health care

legislation. Voting to proceed to another legislative measure

effectively runs away from the central issues of spending and

debt and repeats that flawed process.

We, therefore, are notifying you of our intention to object

to the consideration of any legislation that fails to

directly address this crisis in a meaningful way. Our

objections would be withheld if the Senate agrees to dedicate

significant floor time to debate this issue well in advance

of the federal government reaching our statutorily mandated

debt limit.

It is signed ``Sincerely'' from both myself and Senators Sessions, Rubio, DeMint, Paul, Lee, Toomey, and Ensign, to the majority leader.

The statement is clear. This is a crisis. We need to act before we reach the statutory debt limit. So what are we waiting for? Let's act now. Let's not move to other cats and dogs bills that may be positive legislation but can certainly wait. Let's move to the people's business. Let's move to the absolute top challenge we face domestically. Let's come together and debate, vote on, and hopefully begin to solve this problem of unsustainable spending and debt.

To do that we also need leadership, ideas, suggestions. I believe we have provided that on this side of the aisle, and we would welcome ideas, suggestions, and concrete proposals from all Members.

Let me list the more than two dozen pieces of legislation that go directly to this issue:

S. 14, by Senator Ensign, establishes a commission on congressional budgetary accountability and review of Federal agencies.

S. 81 is an Isakson bill to direct unused appropriations for Senate official personnel and office expenses to be deposited in the Treasury and actually used to reduce the Federal debt.

S. 102 is a McCain bill which requires OMB to transmit to Congress a message with specified information requesting any recession the President proposes under the procedures instituted under that act.

S. 162 is a Paul bill to cut $500 billion in Federal spending from fiscal year 2011.

S. 163, by Senator Toomey, is the Full Faith and Credit Act to prioritize principle and interest payments when and if the debt limit is reached.

S. 178, by Senator DeMint, reduces Federal spending by $2.5 trillion through fiscal year 2021.

S. 245 is a Corker bill, the CAP Act, to create a discretionary spending cap for Congress.

S. 259 is my bill to prioritize Social Security payments if and when the debt limit is reached.

S. 360, by Senator Inhofe, creates a point of order to exceed nonsecurity discretionary limits and to create spending limits for fiscal years 2017 to 2021.

S. 389, by Senator Kirk--and Senator Hatch has a similar bill-- establishes a commission to review cost control.

S. 391, by Senator Moran, rescinds all unobligated balances of President Obama's stimulus bill.

S.J. Res. 3, by Senator Hatch, is a balanced budget amendment.

S.J. Res. 4, by Senator Shelby, is on the same topic.

And S.J. Res. 5, by Senator Lee, is on the same topic.

This is a long list, but it is certainly not exhaustive. I have read a partial list to make the point. We are coming up with ideas, proposals, and solutions. We encourage every Senator of both parties to come up with ideas, proposals, and solutions. Let's actually talk about the greatest threat we face. Let's talk about it now. Let's debate it now. Let's exchange ideas in a positive atmosphere now, well before we reach any crisis atmosphere over the debt limit.

I respectfully urge the distinguished majority leader, Senator Reid, to heed our call to arms, to read our letter and react by creating an identified time on the Senate floor, well before we reach the statutory debt limit, to debate and pass solutions on this crucial topic.

I don't believe there is debate that this isn't the greatest challenge we face, that this isn't the greatest economic threat we face. Quite simply, what are we waiting for? We need time to bring forth these ideas and exchange them and debate them and act. We need time to do this well before the statutory debt limit is reached. We need to do the people's business in a reasonable way, in a sober atmosphere, not in an atmosphere of hysteria or threats when the debt limit would be reached in a matter of days.

I urge all colleagues to join us in this effort, to come to the floor with their ideas, their proposals. Let's do the people's business.

I ask unanimous consent that a partial list of Republican solutions and proposals be printed in the Record.

I yield the floor.

Mr. President, We are borrowing over $5 billion per day.

That's $35 billion borrowed per week to run our government, totaling over $1.5 trillion in borrowed money just to run for a year.

Harvard's great economic historian, Niall Ferguson, noted that the decline of a country can be marked when it pays its moneylenders more than its army. His classic case comes from the French monarchy of the 1780s who failed to make interest payments on

their debt, causing the financial collapse that triggered the Revolution. Recently, Carmen Reinhard and Kenneth Rogoff wrote a brilliant book called ``This Time is Different, Eight Centuries of Financial Folly.'' Their vast study revealed that most government officials believe they are always unique and different, causing them to make the same mistakes that crippled past nations and empires.

Using Ferguson's tipping point, where are we today?

This year, the total cost of maintaining our army will equal $137 billion. This same year, we will pay $225 billion in interest to our money lenders for the use of $14 trillion borrowed from China, Japan and elsewhere. The startling conclusion is that we have already passed Ferguson's tipping point by paying America's money lenders more than our own Army.

It gets worse.

In just 6 years, the administration says that we will have to pay over $661 billion to our money lenders for interest on our rapidly expanding debt. With the expected cost of our Army at $195 billion, our Air Force at $201 billion and our Navy/Marines at $217 billion, the total cost of $613 billion to provide for our common defense will be smaller than the $661 billion due to the money lenders. In simple economic terms, we will be forced to pay our lenders their interest money first, before caring for our own safety, or risk seeing the value of the dollars in our own wallets disappear.

Remember, these numbers are optimistic. They assume no severe spike in interest costs and no other war.

Recently, the Senate agonized over a short-term, 2-week spending bill that made a $4 billion cut to spending. We should see that bill's cuts as modest knowing that we already pay $616 million daily in interest and over $4 billion per week. In sum, the cuts of the 2-week bill saved just 1 week of interest payments.

As dire as this situation is, there is a bright side. Our country has seen this movie before. Washington, Lincoln and Roosevelt all accumulated economy-crushing debts as the fate of the United States hung in the balance. Our best example of what to do next comes from our own grandparents, rightly called the ``Greatest Generation.''

Tom Brokaw coined the title for Americans of the 1930s and 1940s who defeated the Depression, Japanese and Nazis simultaneously. I would add a fourth, largely unnoticed victory that Brokaw missed. After three great victories for freedom, our grandparents spent the next 20 years paying the debts incurred to win the contests of the Depression, Pacific and Europe. Their accumulated debts of 1946 totaled over 120 percent of our national income. Economists report that between economic growth and some inflation, the Greatest Generation reduced the crippling World War II debts that secured our victory during the late 1940s and 1950s. The return to more fiscally responsible government sparked an economic boom that built the super power called the United States of America.

The lesson of history is clear. Each generation of Americans faces conflict, war and debt. Each generation is tested. The looming debt crisis facing this government is our generation's test. While some government officials and bankers may still counsel ineffective action saying ``we owe this money to ourselves'' or ``because the dollar is the reserve currency, we can owe this amount,'' we know that the crisis we face is not that different from the ones that crippled other nations. With spending cuts and discipline we can master this danger, as our grandparents did. The need to do the hard things, like entitlement reform, is similar to the dramatic moves our grandparents made to secure our future.

But there is one difference between us and other nations. From the dawn of our revolution, the United States became the greatest force for human liberty and individual dignity ever known. The U.S. ended slavery, gave women the right to vote and spread freedom across Europe, Latin America and Asia. We are now challenged by 21st century world views in the Middle East and China that do not hold the western value of the individual as high as we do. It is therefore doubly important to do the work needed to reduce spending and balance the books so that we restore the vitality of a free people and their cause of expanding liberty and individual dignity.

Next time you talk to a member of the Greatest Generation, do not just say thank you. Ask them for advice on how to trim budgets and restore growth in the face of extraordinary debts, just as they did.

I yield the floor and I suggest the absence of a quorum.

Madam President, there are three bills at the desk due for their second reading.

I object to any further proceedings with respect to each of these bills.

Madam President, I suggest the absence of a quorum and ask the time be charged equally against both sides.

I am told there are two bills at the desk for their first reading. I ask we consider those en bloc.

Mr. President, I ask for the second reading en bloc, but I object to my own requests en bloc.

Madam President, I ask unanimous consent the order for the quorum call be rescinded.