On another note, Mr. President, in the coming days, this Senate has a historic decision to make and very little time to make it. We have to set aside politics, which the American people are begging us over and over to do, and we have to…
On another note, Mr. President, in the coming days, this Senate has a historic decision to make and very little time to make it. We have to set aside politics, which the American people are begging us over and over to do, and we have to ensure that our government can continue to function in the midst of this public health crisis and a recovering economy. Now, in any reasonable scenario, these would be noncontroversial and nonpartisan endeavors, but sadly, at this moment in the U.S. Senate, reason is in short supply.
In recent days, some of our colleagues on the other side of the aisle have indicated that they are prepared to--listen to this--sabotage the routine process of government for political reasons. This could have a catastrophic impact on this Nation.
Last week, Senator McConnell reiterated that Republicans will not join Democrats in voting to deal with the debt limit. What exactly does it mean? Well, imagine if you and I just up and decided to stop paying your credit card bills. If Congress fails to raise or suspend the debt limit before the Treasury runs out of cash, our Nation runs the risk of default for the first time in history. That is why lawmakers have to set aside politics, as we have done nearly 80 times in our history, to keep the government's bills being paid. Truthfully, this shouldn't even be a debate.
Raising or suspending the debt limit has nothing to do with any new programs or new spending. It is about paying off the tab that the government has already incurred. We are receiving the bill at the restaurant after we have had the big meal; the question is whether we will pay it.
Here is the kicker: Much of the debt that the Republicans are threatening not to pay was approved by Senate Republicans when Donald Trump was in the White House. In other words, we are being asked to approve the Trump debt from his years in the Presidency, which largely had the support of the Republicans, and the Republicans are telling us: ``Hands off. We won't accept responsibility for the things we voted for during the Trump years.''
The last time Congress suspended the debt limit was in August 2019, a little over halfway through President Trump's term. Between then and the beginning of President Biden's term, congressional Republicans approved $6 trillion in new debt. In fact, during Trump's one term in office, the national debt ballooned by 36 percent. Fiscal conservatives? During the Trump administration, the national debt ballooned by 36 percent. Well, that surely has happened before in history? No, I am sorry, it has not. That is the fastest it has grown under any President in American history. The Trump years were the biggest debt years in the history of the United States, and now the Republicans don't recognize it. They want to walk away from it.
You may be wondering: For what noble or productive purpose did the Republicans go so deep in debt during the Trump years? Well, a big chunk of it was Donald Trump's tax giveaway to the richest Americans-- $2 trillion--$2 trillion in tax cuts for people at the superwealthy level in America. And now it is time to say to the Republicans: You voted for those tax cuts. The wealthiest people in America applauded you. Now would you at least step up and admit it?
Nope. Now that it is time for Republicans to pay for the meal that they ate, the political banquet, they are vowing instead to dine and dash. They are taking a page straight from the playbook of Donald Trump, the man who called himself proudly ``the king of debt,'' a man who didn't pay his own bills as a businessman and who incurred the largest increase in the national debt of any President in history. And in the process, the Republicans--to take this incredible and inexplicable stand--are willing to risk the full faith and credit of the United States.
When it comes to America's debt, default is simply not an option for any rational person. There is not a single American who will emerge unscathed if the Republicans execute this political strategy. Defaulting on our debt
threatens Social Security payments for tens of millions of Americans, it threatens healthcare coverage for tens of millions more, and it could slash benefits for our Nation's veterans. Who could be proud of that vote?
On a national global scale, default would be, in the words of Mark Zandi, Moody's chief economist, ``financial Armageddon.'' It would send markets into free fall and threaten America's status as the world's reserve currency. Imagine that. You say to the seniors: Well, maybe/ maybe not on your Social Security payments. And, incidentally, the stocks and the ETFs and the mutual funds and the investments you had for your retirement--hang on tight; they are about to take a huge hit, a hit that is totally avoidable.
Back in 2011, when House Republicans initially refused to raise the debt limit, America's credit rating was downgraded. So what? Interest rates went up, so we are paying more money in interest instead of paying it for things America values--healthcare, education, infrastructure.
Some economists believe that episode hurt consumer confidence and hobbled our economy in the great recession. It also stuck taxpayers with billions of dollars in increased borrowing costs. Think about how fragile America's economy is at this very moment. We are still recovering from a once-in-a-century public health crisis and the worst economic crisis in 75 years. The last thing we need is a self-inflicted crisis that is motivated by partisanship.
Mr. President, right now, our economy has to be our highest priority. We need to come together and get the government funded. We also have an obligation to provide financial relief to Americans who have been hit by the environmental disasters. My State escaped that, but tomorrow that may not be the case. You never know with these extreme weather events. Hurricane Ida was an eye-opener for many parts of this country. People are suffering. Disaster aid for these people is essential.
We need to also help resettle the refugees from Afghanistan. They risked their lives for Americans; we should make a home for them here in the United States.
We also want to make sure that we support our military in every way possible.
Instead of bickering and political brinksmanship, Congress needs to rise to this moment of crisis. The American people sent us to Washington not to manufacture crises but to prevent them. That is exactly why Senate Democrats are moving ahead to put President Biden's Build Back Better plan in place. Pay our debts, invest in a prosperous future--that is our plan. We would love to have Republican support for it. We have a once-in-a-century opportunity to consider working families, middle-income families, struggling families, not the wealthy.
The Build Back Better plan will grow our economy for generations to come. If fully enacted, it will create a future for every parent to take off work to care for a newborn child. Every high school grad can receive a college education and set their sights on a good-paying job. And every senior citizen can afford prescription drugs they need without dipping into their saving. These investments will make America healthier, happier, stronger, and more prosperous.
And unlike President Trump's giveaway to the rich, President Biden's Build Back Better plan is a prudent investment in our Nation's financial future. We are going to pay for it; that is the Senate Democrats' intent. It will not be added to the deficit.
I look forward to discussing that plan in detail in the weeks to come.