Floor Statements

Mr. President, I want to begin today talking about the debt limit by returning to three very frightening statistics.

The first is $15 trillion. That is the amount of household wealth that a leading economist recently warned could be wiped out of the economy should the government default on its debt.

The second is 6 million. That is the number of jobs that the same analysis said could be lost should a default become a reality.

The third statistic is 9 percent. That is the unemployment rate our country potentially faces if we don't do our jobs to raise the debt ceiling.

Now, none of these statistics, none of these numbers need become a reality if both parties unite in the coming days to pass the continuing resolution sent to us by the House. It would keep the government open for 3 months. It would provide funding for disaster relief and Afghan refugees. And, of course, it would suspend the debt ceiling until the end of 2022 so we can pay for the debt incurred at the end of the previous administration.

Every single Member of this Chamber is going to go on record as to whether they support keeping the government open and averting a default or support shutting us down and careening our country toward a first- ever default.

Democrats will be united in supporting the passage of the CR. It is the right thing to do for the American people, and it would immediately stop these unnecessary crises that are knocking at our doorstep.

At the end of the day, the only thing that matters in a legislative body is how you vote. That is the most important thing we do. There are many other important things, but that is the one that matters the most. It is what our constituents sent us here to do.

Now, Senate Democrats have said repeatedly that they are all for avoiding a government shutdown. They have said repeatedly that the debt ceiling must be raised.

So I want to offer a novel suggestion: If Republicans want to avoid default, then they should vote yes. If the Republicans want to keep the government open, they should vote yes.

But, incredibly, Leader McConnell, spinning a tail--a web of subterfuge, deception, and outright contradictions--has said that he is going to vote no, and he urges Republicans to vote no.

This is ``Alice in Wonderland'' logic. Republicans claim to oppose a default, but they are saying they are going to vote for one anyway. They say they oppose a government shutdown, but they are going to vote for one anyway. They say they want disaster relief, but they say they are going to oppose it when the time comes.

So they can resort to all the sophistry they want, but if they vote no, the Republican Party will be solidifying itself as the party of default, and the American people, unfortunately, will be the ones footing the bill--a high cost to pay for Republican games, political games.

By voting to default, the Republicans would be telling the American people they are fine if people don't get their Social Security checks. They are saying they don't care if our veterans are denied benefits. They are saying they don't care if the markets come crashing down, hurting people's pensions and IRAs.

Now, none of this is an exaggeration. Economist Mark Zandi, a former adviser to the late Senator McCain, wrote recently that a default would be ``a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic.''

He also warned that ``Americans would pay for this default for generations.'' I hope my Republican colleagues heard the last part, as they are thinking of indulging in the political game put forward by Leader McConnell. ``Americans would pay for this default for generations.''

Of course, we all know by now that the Republican justifications for opposing raising the debt ceiling are entirely bunk. They say they are opposed to new spending, but the Wall Street Journal has said: ``Raising the debt limit wouldn't facilitate future spending, and Congress would still need to raise the debt limit this fall even if no new major spending programs are enacted.''

Do you hear that, Republicans? This is the Wall Street Journal. Even if not a single new spending program were enacted, we would still have to raise the debt that was incurred by President Trump and by all of your votes.

How crass can you be? How heartless can you be? You voted to spend these moneys because of COVID--it was a valid reason--and now you don't want to pay for it, and you come up with some lame political sophistry, trying to justify it. But everyone sees through that--everyone.

The truth is, we will be voting to pay for the debt accrued under Presidents of both parties, including the $8 trillion added to the debt under President Trump. Both sides incurred the debt; both sides should pay.

It wasn't long ago that threatening a default on national debt was something you only heard in the fringes of the Republican Party. About 10 years ago, the Republican Speaker at the time called the idea ``insanity.''

But today, it is literally the party line--a sad commentary on just how far down the rabbit hole the Republican Party has gone.

If my Republican colleagues disagree, they have a simple option: They can vote yes to keep the government open. They can vote yes on suspending the debt limit. It is in their hands.

But if Republican votes favor a shutdown and default, the American people will see exactly who is responsible for throwing our country into crisis.

Mr. President, first, let me say thank you to the few remaining colleagues, but everyone else also, for staying here late into the evening as we continue to confirm these important nominees to the Biden administration.

Now, in a few moments, I will be filing cloture on the continuing resolution that was passed by the House of Representatives this week. The resolution is the answer for avoiding numerous fast-approaching crises on the horizon, including an unnecessary government shutdown and a first-ever default on our country's sovereign debt.

Members should be advised the cloture vote will take place this coming Monday. Every single Member in this Chamber is going on record as to whether they support keeping the government open and averting a default or support shutting us down and careening our country toward a default.

At the end of the day, frankly, the only thing that matters in the legislative body is how you vote. It is what our constituents sent us here to do.

Now, our Republican colleagues say they don't want a shutdown. They say they don't want a credit default. They say they want hurricane aid. Then the answer is simple. Just vote yes on this bill, and it will all get done.

But if Republicans vote no, as many of them are saying they will, the Republican Party will solidify itself as the party of default--the party of default. They will endanger every single American in this country, including those who rely on Social Security and Medicare benefits. They will hurt small businesses, pensioners, and our veterans.

If my Republican colleagues want to help the American people avoid calamity, they can vote yes to keep the government open. They can vote yes on suspending the debt limit. It is in their hands.

But come Monday, if Republicans vote in favor of a shutdown and default, the American people will see exactly who is responsible for throwing our country in crisis. There will be the President requesting this bill, the House having passed the bill, the majority putting this bill on the floor, and then the Republicans blocking it. Who is responsible for the default?

Mr. President, I move to proceed to legislative session.

Mr. President, I move to proceed to Calendar No. 137,

Mr. President, I send a cloture motion to the desk.

Finally, I ask unanimous consent that the mandatory quorum call for the cloture motion filed today, September 23, be waived.

Mr. President, I ask unanimous consent the Senate proceed to executive session to consider Calendar No. 248.

Mr. President, I ask unanimous consent that the motion to reconsider be considered made and laid upon the table, all without intervening action or debate; that no further motions be in order to the nomination; that any statements related to the nomination be printed in the Record; that the President be immediately notified of the Senate's action and the Senate resume legislative session.

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of H.R. 5293, which was received from the House and is at the desk.

I ask unanimous consent that the bill be considered read three times and passed and that the motion to reconsider be considered made and laid upon table.

Mr. President, I ask unanimous consent that the Senate proceed to the consideration of H. Con. Res. 41, which was received from the House and is at the desk.

I ask unanimous consent that the concurrent resolution be agreed to and the motion to reconsider be considered made and laid upon the table with no intervening action or debate.

Mr. President, I ask unanimous consent that the Senate proceed to the consideration of S. Res. 381, submitted earlier today.

I know of no further debate on the resolution.

I ask unanimous consent that the preamble be agreed to and that the motions to reconsider be considered made and laid upon the table with no intervening action or debate.

Mr. President, I ask unanimous consent that the Senate now proceed en bloc to the following Senate resolutions, which were submitted earlier today: S. Res. 382, S. Res. 383, S. Res. 384, and S. Res. 385.

I ask unanimous consent that the resolutions be agreed to, the preambles be agreed to, and that the motions to reconsider be considered made and laid upon the table, all en bloc.

Mr. President, I ask unanimous consent that the Senate proceed to the consideration of S. Res. 386, submitted earlier today.

I ask unanimous consent that the resolution be agreed to, the preamble be agreed to, and that the motions to reconsider be considered made and laid upon the table with no intervening action or debate.

Mr. President, I ask unanimous consent that when the Senate completes its business today, it adjourn until 3 p.m., Monday, September 27; that following the prayer and pledge, the morning hour be deemed expired, the Journal of proceedings be approved to date, the time for the two leaders be reserved for their use later in the day, and morning business be closed; that upon the conclusion of morning business, the Senate resume consideration of the motion to proceed to Calendar No. 137, H.R. 5305; further, that the cloture motion on the motion to proceed ripen at 5:30 p.m.

Mr. President, if there is no further business to come before the Senate, I ask that it stand adjourned under the provisions of S. Res. 386.

Mr. President, yesterday evening, the House of Representatives approved a continuing resolution that will keep the government open through December, provide emergency funding for Afghan refugees and Americans affected by natural disasters, and suspend the debt ceiling through the end of 2022.

The bill now comes to the Senate, where both parties must pass it together to steer the United States away from a number of fast- approaching crises. Absent congressional action, the government will shut down in just over a week. The United States could face a first- ever default soon thereafter, and it will be American families who will suffer most.

Now our Republican colleagues say they don't want a shutdown. They say they don't want a credit default. They say they want hurricane aid. Then they should vote yes on this bill.

You want to avoid a default, Republican colleagues? Vote yes.

You want to avoid a government shutdown? Vote yes.

You want to provide hurricane aid? Vote yes.

You want to help the Afghan refugees? Vote yes.

That is the bill that will be on the floor. Those who will vote yes will vote to avoid default, to avoid a government shutdown.

Those who vote no will be saying: We are OK with default and we are OK with a government shutdown.

To say, ``Do it another way,'' that doesn't cut it. This is what is on the floor. This is what the House passed. And, again, the kind of sophistry that we have heard from the Republican leader doesn't make any sense, either through past history or through practicality and what we need today.

At the end of the day, it is how we vote that matters most. Our constituents sent us here to vote, plain and simple. So Republicans face a choice. Vote yes to pay our bills and keep the government open; or vote no, which means you are OK with default and a government shutdown.

Every single Democrat will support this bill. Whether or not we avoid default is simply entirely up to the Republican Senators. It is up to them, plain and simple.

The President has the proposal. The House has passed the proposal. I will put that proposal on the Senate floor.

And remember, this is not just a political fight. The last time Republicans played with the debt ceiling in 2011, the credit of the United States was downgraded for the first time ever. And all

indications are that if Republicans succeed in causing a default this time around, the consequences will be catastrophic.

According to a sobering new analysis by Mark Zandi at Moody's Analytics, a default would erase up to 6 million jobs in the economy. It would cause unemployment, which we have worked so hard to bring down during this COVID season, to spike up again to as much as 9 percent. And as much as $15 trillion of household wealth will be wiped out of existence. Every American family will suffer from the Republican desire to play political games and send our Nation into default.

Let me say that again: $15 trillion of household wealth. And that means thousands of dollars for each family--for many families-- thousands.

That is not fair. All for the sake, Leader McConnell, of a political gain. Political gain. It is an incomprehensible number. I can't think of a worse gut punch to the American people who spent the last 19 months fighting against the COVID-19 pandemic than to see their life savings disappear because Republicans won't pay the bills and are simply trying to gain mere political advantage.

There is no scenario on God's green Earth where it is worth risking 6 million jobs, 9 percent unemployment, and $15 trillion of household wealth just to stick it to your political opponents. But that seems to be the MO these days of the Republican leader: not caring at all about the American people and what matters to them and playing political games in an effort--I believe a futile effort--to gain political advantage.

It won't succeed. Everyone knows who is doing what around here.

So, over the past few weeks, Republicans have advanced a number of dishonest and duplicitous arguments to rationalize their opposition to the debt ceiling, to play political games that the minority leader is involved in.

I expect we will be hearing these arguments over and over again, so let's set the record straight on two of their main points.

First, our Republican colleagues have argued that raising the debt ceiling should exclusively be the domain of one party when it controls all three branches of government. Of course, this is nonsense.

Since 1960, the debt ceiling has been raised about 80 times under both unified and divided government.

As recently as 2017, Leader McConnell, as majority leader, put forward a bill to raise the debt ceiling when there was a Republican President, a Republican Senate, and a Republican House; urged Democrats to join him.

And, of course, we did because it is the right thing to do. We don't want to hurt the American people. We don't want to play games with the livelihood of Americans the way the Republican leader seems to revel in doing. And rather than play political games and rather than engage in an ill-considered game of chicken, Democrats worked with the other side.

Second and even far more dishonest, Republicans say they don't want to raise the debt ceiling because they don't want to clear the way for more domestic spending. This statement is false, pure and simple.

Our proposal to suspend the debt ceiling is not about future spending. Raising the debt ceiling is about paying the bills that have already been racked up. The proposal the House sent over is designed to help pay for the $908 billion that we approved last year in the depths of the COVID crisis.

That legislation was drafted by Republicans, voted for by Republicans, put on the floor by Leader McConnell, and signed by a Republican President. It is the Trump debt--the Trump debt--that we now must pay.

For Republicans, after voting for it, after going back to their districts and claiming credit for some of the things in that bill, to now decide they have changed their minds and they don't want to pay the debt that they willingly took on and brag about the spending that incurred that debt is the height of irresponsibility and the height of hypocrisy. It is a dine-and-dash of unprecedented proportions. And if they have their way, it is going to be the American people who will foot the bill.

The full faith and credit isn't a game. It is the bedrock upon which our economy stands. No lawmaker can vote to refuse to pay the bills and then say they have the best interests of the American people in mind.

So, again, here is what is on the line with this vote: the well-being of tens of millions of Americans--everyone from small business owners, homeowners, veterans, Active Duty military, Social Security beneficiaries, and American consumers everywhere.

And Senator Warner has made a very good point. If we default or even if the risk of coming close to default raises interest rates by 1 percent, that will cost the government more--more--than some of the spending programs--many of the spending programs that the Republicans say they don't like, even though they voted for it.

There is a very simple answer to avoiding this entire problem. When the CR comes to the floor, Republicans vote yes and put this needless crisis to an end. But if they choose to vote in favor of default by a cynical political blame game, it will ultimately be the American people who will pay the price. And the American people will know who did this--the Republican Senate. Because there will be a proposal by the Democratic President, the bill will pass the floor, and Democrats and Republicans will each have to vote yes or no, simply put, on whether we want to default.

Mr. President, now on nominations. Last night, I filed cloture on seven nominations that have, to date, been tied up by Republican obstructionists.

These individuals will play a critical role in advancing U.S. diplomacy across the globe, from Europe to East Asia to Africa. One will be tasked with international narcotics law enforcement; another will advise on military affairs.

These are not controversial nominees. Quite the contrary, they were all reported out of committee with overwhelming bipartisan support and would normally be confirmed by this Chamber without much fuss.

Now a few on the other side have decided they are going to hold these critical nominations hostage for the sake of scoring political points with the far right. It is a sort of a manic dash, who can be the most irresponsible to please the far right of people who seem to be interested in running for President in 2024.

They want to drag out what should be an easy process, wasting the Chamber's time and energy and hindering the government's ability to protect American interests.

The Republicans who are delaying the confirmation of these nominees are deliberately making the American people less safe just so they can try to enhance their political fortunes, which, in my judgment, if there is any gain, it will be short term and the loss of doing this will be much greater to them.

Everyone here knows what is really going on, but despite Republican obstruction this week, we are going to make sure these important nominees are confirmed by the Senate. I hope we can come to an agreement to ultimately move them quickly through this Chamber, but either way, we are going to stay here until these nominees have been confirmed.

I yield the floor.

I suggest the absence of a quorum.

Mr. President, yesterday, Speaker Pelosi and I put in motion the path to pass a continuing resolution that in one fell swoop would accomplish four very important things. It would keep the government open through December 3 of this year and avoid a needless and dangerous shutdown. It would provide emergency funding to help resettle Afghan evacuees; it would approve tens of billions of dollars in disaster aid funding; and it will suspend the debt ceiling until December of 2022, commensurate with the time necessary to cover the debt of the bipartisan $908 billion emergency COVID-relief bill passed at the end of last year.

Now, today, I want to spend some time focusing on the last of these items, addressing the debt limit to avoid a first-ever default in American history.

Throughout modern history, addressing the debt ceiling has consistently been done on a bipartisan basis. Let me repeat that. Throughout modern history, addressing the debt ceiling has consistently been done on a bipartisan basis. Since 1960, the debt ceiling has been raised approximately 80 times under both Republican and Democratic administrations and under both unified and divided government. So much for the argument by Leader McConnell that when all three branches are controlled by one party, the debt ceiling ought to be their exclusive domain. That is not what history has shown, and that is not what happened actually in 2017 when Donald Trump was President, McConnell was majority leader, and McCarthy was Republican Speaker--I believe it was McCarthy back then--but the debt ceiling was renewed bipartisan.

To do otherwise, to not do the debt ceiling in a bipartisan way, has been considered unthinkable because the consequences for the economy, for the American people, and for our standing on the world stage would be too severe.

Senate Republicans and the Republican leader, however, are again engaging in fantastical feats of sophistry to justify why this time is somehow different. We know it is not. We all know the truth. Democrats and Republicans both had a hand in approving the spending we now must pay.

Look, we know the Republican justification for forcing a default is totally dishonest, plain and simple. Don't ask me; just listen to the Wall Street Journal. Here is what it said:

Congress would still need to raise the debt limit this fall

even if no new major spending programs were enacted.

This idea that they don't want to raise the debt ceiling to deal with future spending is just totally false. Ask the Wall Street Journal.

The fact is, our continuing resolution would suspend the debt limit through December of 2022, an amount of time commensurate with the debt incurred as a result of passing the bipartisan $908 billion emergency COVID relief legislation in December of last year. Remember, that legislation was drafted by Republicans, voted for by Republicans, and put on the floor by Leader McConnell, who voted for it, and signed by a Republican President. Democrats worked with our colleagues to pass this bill because it was the right thing to do for our families, our

small businesses, and suffering communities.

Our CR is now carefully tailored--carefully tailored--to account for this debt. This is as reasonable as it gets. So for Republicans to suddenly throw their hands in the air and abscond from their responsibility to pay debt that they proudly supported is nothing short of a dine-and-dash of historic proportions.

Republicans racked trillions of dollars of debt under President Trump and are demanding American families foot the bill. What will this do? It could stop payments to Social Security recipients. It could stop payments to veterans. It could raise interest rates, making a mortgage or car loan more expensive. It could cause local governments to pay more in interest, and that might mean increased taxes for people. This is playing with fire. Playing games with the debt ceiling is playing with fire and putting it on the backs of the American people.

Of course, there is a very quick and easy way to make sure we avoid all of this from becoming even a possibility. Republicans simply don't have to vote to force a default. It is that simple.

Democrats will do the right thing and the responsible thing when the continuing resolution comes for a vote on the floor. We will see who among the Republican conference will do likewise.