Debt Ceiling Extension
Mr. President, I ask to speak as in morning business. I certainly will not take 10 minutes that the majority leader has requested because I know the Senator from Alabama is eager to speak. I wish to make sure I understand where we are with…
Mr. President, I ask to speak as in morning business. I certainly will not take 10 minutes that the majority leader has requested because I know the Senator from Alabama is eager to speak. I wish to make sure I understand where we are with regard to the debt ceiling.
I have an article from The Hill, dated yesterday. It points out--it heard the same thing in the speech the rest of the Nation heard when the President spoke--the President said he would be willing to work on any plans lawmakers brought to him over the weekend. The President went on to say:
The only bottom line I have is that we have to extend this
debt ceiling through the next election, into 2013.
I ask my colleagues what does the election of 2012 have to do with the debt ceiling? What does it have to do with deciding to pay our obligations after August 2? What does it have to do with avoiding the calamity we have all heard about from both sides of the aisle and certainly from the administration? It strikes me as very odd that most debt ceiling extensions have been about 7 months during a decade-long period, and for some reason because of the election of 2012, the President of the United States wants to extend the deadline past that election into 2013. I think it makes Americans wonder if the President is playing politics with this very important issue.
The President went on to say in the press conference that we all listened to that he wondered if the Republicans were able to say yes to any agreement. That was the President on Friday evening. Now we come to Washington, DC today with the clock ticking, 8 days away from a supposed debacle, and I read in today's Wall Street Journal
this report by Jamie Dupree, President Obama last night rejected a bipartisan deal offered to him by congressional leaders of both parties which would have provided for a short-term extension of the debt limit in order to avoid a U.S. Government default. The agreement involved Speaker Boehner, Senate Majority Leader Reid, and Senate GOP Leader McConnell. In fact, according to this Wall Street Journal article, staffers from Senator Reid and Senator McConnell's offices were working on the legislative language together on Sunday. When Reid took the bipartisan, bicameral plan down to the White House, it was rejected by the President.
I ask my colleagues: Who is unable to say yes? The Democratic majority leader of this body said yes to a bipartisan agreement. The Republican Speaker of the House of Representatives, the leader of that majority in the other body, said yes to an agreement. Senator Reid's colleague and friend, the Republican leader, Senator McConnell, said yes to a bipartisan agreement, and then Senator Reid was given the task of taking it to the President of the United States and the President rejected it.
I think Americans have a right to ask who is unable to say yes to a bipartisan deal that gets us out of this box. Who is playing politics with this issue? The public debt is $14.2 trillion. We meet the deadline a week from tomorrow. The clock is ticking. The President had an opportunity to say yes to a bipartisan agreement endorsed by the leadership of this Congress and yet he said no. I am calling on this President, on my President, to do the right thing by the American people and to do the right thing for our country and for our economy and ask this bipartisan group of leaders to come back to the White House and say yes to the agreement which they offered him last night.
I thank the President. I thank the Senator from Alabama for allowing me to go in front of him.
I yield the floor.
I think absolutely it should cause concern and this is something both parties have campaigned on in the past, the lack of transparency, the lack of time, things being rushed through at the last minute. But my larger point is that on Friday afternoon the President was calling for a plan, any plan. He said there was only one condition: We must be political about it. We must get past the presidential reelection in 2012. Then on Sunday night not just any plan was presented to the President but a bipartisan plan by both leaders in this body on behalf of their membership and the Republican Speaker of the House who said, we believe we can get this through, and the President rejected it out of hand. That is the larger point.
The point of the Senator from Alabama is well taken. The legislative language is important. The agreement in concept is one thing, but as he is pointing out, the legislative language is also important. As ranking member of the Budget Committee, he knows full well Members need time to see if the language actually reduced the concepts into writing that can be enforced and work long term to get us out of this horrendous debt crisis we are in. I appreciate the Senator's point.