Mr. President, I rise to speak for the generations of Americans who this body is irresponsibly drowning in debt. Now, to be clear, debt is a bipartisan problem. Debt is a problem both parties bear substantial responsibility for. To…
Mr. President, I rise to speak for the generations of Americans who this body is irresponsibly drowning in debt.
Now, to be clear, debt is a bipartisan problem. Debt is a problem both parties bear substantial responsibility for.
To understand just how true that is, we need look back just 21 years. In the year 2000, when this century began, our national debt stood at roughly $5 trillion.
Mr. President, I want you to pause and think about that. The year 2000 wasn't that long ago. Five trillion dollars is the total amount we owed.
In 2001, George W. Bush became President. During the 8 years of Bush's Presidency, the debt doubled from $5 trillion to $10 trillion. My party bears a significant degree of responsibility for that growth.
Then in 2008, Barack Obama was elected President; and over the next 8 years, the debt doubled again, from $10 trillion to $20 trillion.
I want you to pause and reflect on that. The $5 trillion debt that we started the 21st century with had been accumulated by 42 Presidents over two centuries; and then two Presidents, over 16 years, one a Republican and one a Democrat, took our debt and increased it by 300 percent, quadrupled the Nation's debt in 16 years.
As we stand here today in 2021, some 9 months into the Joe Biden Presidency, the debt is roughly $29 trillion.
My home State, the great State of Texas, has roughly 29 million residents. That means the national debt is $1 million for every man, woman, and child in the State of Texas. That is reckless and irresponsible.
Now, my Democratic colleagues point out that Republicans spent too much during the Trump Presidency. I agree. Much of that spending I voted against. And I would note last year was an extraordinary year with a pandemic unlike anything any of us have ever seen in our lives. I wish Republicans had been better at exercising fiscal responsibility when we had control of the White House and both houses of Congress.
The unfortunate reality in this body, though, is that when you have a multitrillion-dollar spending bill, you can usually count on the votes of every single Democrat and about half the Republicans. So on spending bill after spending bill, we see 75 to 80 Senators coming together-- usually all the Democrats and half the Republicans.
And there are about 20 of us who try to say: Why are we bankrupting our kids and grandkids? Why are we digging the hole deeper and deeper and deeper?
But that is--at least right now--a minority view in this body.
But the fact that my party bears significant responsibility for the debt we have today is not to draw an equivalency between what has happened in the past and what is happening right now, because, Mr. President, what Senate Democrats, what House Democrats, and what President Biden are doing now has no precedence in our Nation's history. It is an order of magnitude different. Senate Democrats, House Democrats, and President Biden, if the spending proposals they have put forth pass, within a 12-month period, they will have spent $9.5 trillion.
One of the problems people have at home is understanding big numbers. A million, a billion, a trillion--they have all got an ``illion'' in them. It is hard to tell the difference. That just sounds like a lot of money.
Well, let's put $9.5 trillion in context: $9.5 trillion is more than twice what the United States spent to win World War II. The entire course of the war, it cost us less than half of that to save the free world and defeat the Nazis. And Washington Democrats are trying to spend that in 12 months. It is wildly irresponsible. It is reckless.
They are trying to accompany that with trillions of dollars of new taxes. If the Democrats get their way, every tax you can think of is going up. Individual income tax is going up. Corporate taxes are going up. Small business taxes are going up. Capital gains taxes are going up. The death tax is going up. Farmers are paying more in taxes. Ranchers are paying more in taxes. Small businesses are paying more in taxes. Working families are paying more in taxes.
Joe Biden campaigned promising no one who makes $400,000 a year or less will see their taxes go up. That statement was a flat-out falsehood.
And, by the way, look, I recognize Joe Biden and I are of a different party, so maybe you are inclined not to credit me with my assessment of the truth or falsity of President Biden's promise.
Well, if you don't take my word for it, take the Joint Committee on Taxation's word for it, that analyzed the Democrats' tax program and found, for roughly 80 percent of Americans, taxes either stay the same or go up; that it is cutting taxes for a very small portion of Americans. It is raising taxes on people with incomes as low as $40,000 a year.
By the way, it is also worth noting part of the Democratic talking points is that the deficit is driven by the 2017 tax cuts. Those are good partisan talking points. Those will get a round of applause in any Democratic gathering. Although I say that, with all candor, Mr. President, I haven't been to many Democratic gatherings, but I feel confident that is accurate; that Democrats like: ``Yes, too many tax cuts.''
Before you are inclined just to believe that political rhetoric, however, you might at least pause to look at the facts, to look at the numbers. And the facts and numbers show that, after we passed the 2017 tax cuts, cutting taxes on working families across this country, that we saw record prosperity; we saw the lowest unemployment in 50 years; we saw the lowest African American unemployment ever recorded; we saw the lowest Hispanic unemployment ever recorded; and we saw Federal tax revenues go up.
So the next time you hear a Democrat say the debt comes from the tax cut, it just ain't so. The next year, the Treasury got more money in taxes than it had the year before. So the Democratic narrative about tax cuts driving the debt is--to borrow a term from the current President--malarkey.
The debt that we are facing as a result of this wild spending spree is going up and up and up, and one of the consequences of that spending and that debt is we are seeing an inflation bomb going off in this country.
Now, for younger Americans, inflation may not sound very real. Inflation is not something we have lived with in recent times. We have been in this sort of weird holiday from economic history with inflation being very, very low.
Mr. President, you and I are both old enough to remember the 1970s. We are both old enough to remember double-digit inflation, 21-percent interest rates.
Inflation is a cruel tax, and it is a tax on everybody, but it is particularly cruel on the most vulnerable.
You know who gets hammered with inflation? Senior citizens, seniors who spent their whole lives saving. And they suddenly see the values of their savings going down and down and down because Washington politicians are devaluing their money--seniors who are on a fixed income get the same amount of money each month, but suddenly the cost of everything goes up.
Right now, today, all across this country--in Texas, in Virginia, and in every other State--prices are going up. The cost of gasoline has skyrocketed as a direct result of Joe Biden and the Democrats' policies. The cost of food is going up. The cost of rent is going up. The cost of lumber is going up. The cost of homes is going up.
According to the chief economist at Moody's Analytics, for households earning the U.S. median annual income, which is about $70,000 a year, the current inflation rate has forced them to spend another $175 a month in food and fuel and housing. That works out to $2,100 a year.
So each month, if your family is at the median income level in the United States, the Democrat inflation tax is about 175 bucks a month. And that is before their massive tax rates kick in, and that is before this body passes the Bernie Sanders socialist budget.
It is worth noting just how radical these Democrats are. President Biden is in the White House; that is true. But in the Senate, Senate Democrats have the slimmest majority possible. This is a 50-50 body. It is only by virtue of the Vice President's tie-breaking vote that they have any majority at all. Yet Democrats have interpreted this incredibly close election as a mandate to radically transform this country.
Joe Biden didn't campaign on that. Joe Biden campaigned as a nice, happy, centrist moderate. No more mean tweets. Nothing to scare you at home. We are just going to return to the halcyon days of yesteryear.
Five years ago--well, let's go back even further than that. Nine years ago, Mr. President, when you and I were both elected to the Senate--we arrived here the exact same time. Nine years ago, there was exactly one socialist in this body that admitted he was a socialist. That was Bernie Sanders.
If you asked Senator Sanders, he would say: I am a socialist. I am not a Democrat. I am running as a socialist.
And most of the Democrats in this body would say: No, no, no. That is not me. I am not a socialist like him.
That was a fringe view. Even in the 2020 election, Joe Biden, when he was running in a primary against Bernie Sanders, said: No, no, no. I am not a socialist.
Well, today, Bernie Sanders is the chairman of the Budget Committee. We are in the midst of debating, passing, the Bernie Sanders socialist budget--$5.5 trillion. That is radical. That is extreme. And I think our Democratic colleagues are too scared of the left flank in their own party to dare stand up to it.
Now, in addition to the reckless spending, to the reckless taxes they are trying to ram through, to the massive debt they are trying to ram through, we also have a radical agenda across the country, including on our southern border, where we are facing a crisis on our southern border. Over 2 million people are expected to cross illegally this year. The highest rate of illegal immigration in 21 years, and congressional Democrats refuse to do anything about it.
Joe Biden and Kamala Harris have handed the agenda over to the open- border radicals, and we are seeing a public health crisis; we are seeing a national security crisis; we are seeing a humanitarian crisis as a result.
As bad as the economic and domestic policy has been, the foreign policy has been even worse, including the greatest national security disaster and foreign policy disaster in a generation--the utterly incompetent and calamitous surrender in Afghanistan.
All of that extreme agenda is being pushed by Joe Biden and Chuck Schumer and Nancy Pelosi, which brings us to our present crisis, the debt ceiling crisis.
Our national debt is roughly $29 trillion. Yet Democrats want to add trillions more to that. How many trillions? We don't know. They are battling within their conference just how many trillions more with which to saddle this country, but it is going to be a lot.
But do you know the curious thing? This crisis is 100 percent manufactured by Democrats. Why is that? Because for the entirety of this Congress, Democrats have had complete, 100-percent power to raise the debt ceiling anytime they have wanted.
How is that? Well, ordinarily, in this body, the way legislation moves, it needs 60 votes to move. It is called the legislative filibuster. But there is an exception to that, and it is a big exception. It is called budget reconciliation. It comes from the Budget Act of 1974. Under budget reconciliation, you only need 50 votes, not 60 votes. It is the biggest exception that exists to the filibuster rule.
Democrats, unfortunately, have 50 votes in this body. They have a majority in the House, and they have the White House. That means Democrats, using budget reconciliation--and it is clear, by the way, that you can raise the debt ceiling by using budget reconciliation-- could have raised the debt ceiling in January. They didn't. They could have raised the debt ceiling in February. They didn't. They could have raised it in March or April or May or June, July, August, September. They didn't. We are in October. Democrats could have raised the debt ceiling today. They didn't. They could have done it with only Democratic votes, and there would not have been a single thing Republicans could have done to stop them. They know that. They don't dispute that.
So why are we facing a crisis? If, for 10 months, Democrats could have done this anytime they had wanted, why didn't they? Well, it is because there are at least some Democrats who realize that drowning the Nation in debt
and spending and taxes is not popular back home. The voters don't like it.
So, instead, Majority Leader Schumer has not once, not twice, but three times tried to move a legislative vehicle to raise the debt ceiling that requires 60 votes. He didn't have to do it. He could have done it using reconciliation and using only Democratic votes. He had the total power to do that, but he didn't want to do that. He wanted to use it--to move it forward in a way that required at least 10 Republicans to join with him. Why? There is one and only one reason for this. I would challenge any Senate Democrats to ask Majority Leader Schumer if there is any other reason he proffered for not doing what he could have done at any time, day or night. The only reason is to obscure accountability. The only reason is to blame some of that debt on Republicans so that Senate Democrats could claim: Hey, both parties did it.
What the Democrats are doing right now is unprecedented. It is radical. They know it, and they are scared of it. So what are we seeing instead? We are seeing Chuck Schumer tell the American people: We are on the verge of a default. We are seeing Joe Biden threaten that the United States will default on our debt. We are seeing the Treasury Secretary threaten that the United States will default on our debt. Joe Biden's threats to default on the debt are wildly reckless and irresponsible.
Let me be clear so that no one is confused: The United States should never, ever, ever default on our debt--period. All 100 Senators in this Chamber agree with that. There is not a single Senator in either party who believes the United States should default on our debt.
Why does Joe Biden go on national television and threaten to default on the debt when he could have raised the debt ceiling anytime he wanted? Because he is playing a game of political brinksmanship, threatening a calamitous result on the American economy because he wants to browbeat Republicans into serving as a smokescreen to help hide the responsibility Democrats pay for their massive spending and debt.
I have got to say, for the last several months, I was proud of my party. The Republicans were united. We were standing together. We were standing as one. And every single Republican--all 50 Republicans were telling anyone who would listen: We will not participate in raising the debt ceiling. If the Democrats are going to raise trillions in spending, they need to raise the debt ceiling and own the debt that their reckless spending is producing. Our party was completely united.
The Republican leader and I--and he and I have had significant disagreements over the years, but on this question, we were in exactly the same place. We were saying exactly the same thing. Our conference has a wide range of views from conservatives to moderates to libertarians. All 50 of us were on the same page. The Democrats have the power to raise the debt ceiling on their own. They are engaged in wildly reckless spending, and if they are going to do that, they need to be the ones to vote for this debt.
We were united for 2 months. Indeed, 46 of us signed a letter to Chuck Schumer, I think 2 months ago, making clear what our position was. I helped write that letter. It was not a fringe position of a couple of members of the conference; we got 46 out of 50 Republican Senators to sign it. So Schumer knew. Pelosi knew. Biden knew. But they chose to engage in reckless brinksmanship.
Now, I believe the end result of this game of chicken was clear: that Democratic Leader Schumer was on a path to surrender. He was on a path to doing what he should have done a week ago or 2 weeks ago or 3 weeks ago or a month ago or 2 months ago, which is moving a reconciliation bill and raising the debt ceiling.
I can tell you there were Democratic Senators--multiple Democratic Senators--coming to me and coming to the other members of my party, saying: OK. How much time would it take to move a reconciliation bill? Can we get it done in time for the October 18 date that the Treasury Secretary has laid out?
To a person, Republicans answered: Yes, there is plenty of time, under the rules of reconciliation, to move forward. There is no barrier. You have all the time you need.
I believe Democratic Leader Schumer was on the verge of surrendering, and then unfortunately, yesterday, Republicans blinked. I think that was a mistake. I think that was the wrong decision.
Now, I will tell you, the reason Republican leadership made that decision to blink was because Senate Democrats threatened to nuke the filibuster, to eliminate the filibuster. I don't know if that threat was real. I don't know if they would have carried through on it or not. But I understand why Republican leadership blinked. Ending the filibuster would enable the Democrats to pass an even more radical agenda than the one they are doing right now. It would enable the Democrats to pass things that would profoundly alter this Nation, perhaps irreparably. So I understand why Republican leadership blinked, but I wish they had not. I wish they had not because I believe we were on the verge of victory.
The American people agreed with us. The Democratic position, on its face, was objectively unreasonable. Here is the Democratic position: We have complete power to raise the debt ceiling anytime we want, but the only way we will do it is if Republicans do it with us. Otherwise, we will default on the debt.
Even the Capitol Hill press corps--and, Mr. President, in your quieter moments, you will admit it leans very far left--even the Capitol Hill press corps knew that was ridiculous.
So unfortunately, yesterday, we were on the verge of victory, but we turned that victory into defeat.
Now, let's be clear what the order of magnitude of this defeat is. We are soon going to vote on moving to take up the debt ceiling. The political games played by Democratic Leader Schumer may have prevailed in the short term by cajoling 10 or more Republicans to vote with the Democrats to allow a vote on the debt ceiling. I hope that doesn't happen. I hope we defeat that vote. I am certainly going to vote no, and I am urging my colleagues to vote no. But if 60 or more Senators vote to take up the vote, then we will see a clear divide. On the debt ceiling, all 50 Republicans will vote no. On the debt ceiling, all 50 Democrats will vote yes. We will see a clear divide. I wish it had happened without the political games, without the political theater, that Democratic leadership played.
One of the reasons I think it was a mistake for Republican leadership to give in to the demands, to the hostage-taking, to the political terrorism of the other side, is that it significantly hurts the credibility of the Republican conference. The Democratic leader is no doubt telling every Democratic Senator: You see, they won't hold their ground. They will give in. All we have to do is stand strong, and they won't stand and fight against us.
Now, I hope that proves nothing more than hot air. I hope that proves a bad estimation of what Republican Senators will do. I can tell you this conference remains absolutely united that the Bernie Sanders' socialist budget of $5.5 trillion, with trillions in taxes, is wildly and recklessly irresponsible and would do massive damage to this country. I hope and believe we will stay united on that. But we could have stayed united on the debt ceiling as well. We could have stayed united in making clear that the Democrats had every ability to do this on their own, but sometimes in a poker game, a bluff wins the pot. In this case, to mix my metaphors, which would make my high school English teacher very angry, in the game of chicken, Chuck Schumer won this game of chicken. As two trucks drove toward each other on a country road, one or the other was going to turn or you were going to have a lot of dead chickens.
I wish Republicans had not blinked. We shouldn't have done that, but the strategic mistake by our leadership should not distract from the fundamental divide in this body.
I don't know why it is the Democratic Senators look at this last election--an unbelievably close election--and conclude that there is no need for bipartisanship in the Senate, that their mandate is to ram through a radical and socialist agenda.
And let me be clear by the way: The first major bill the Democrats took up was a $1.9 trillion spending bill, a so-
called COVID relief bill. I say so-called COVID relief because only 9 percent of the bill was healthcare spending on COVID. It was a liberal wish list, paying off special interests that support the Democrats.
You know, Mr. President, you and I were both at Joe Biden's inauguration. We sat on the steps of the Capitol. We heard President Biden give what I thought was a pretty good speech; a speech about unity, a speech about coming together, a speech about healing.
Sadly, that speech didn't even last the time it took for the words to be transmitted over the airways to the people listening at home.
It would have been easy for President Biden and Democrats to pass a bipartisan COVID relief bill--easy. There were Republicans eager to do so. And to show that that is not just empty posturing, that that is not just partisan language, last year, when we had a Republican majority in the Senate, we passed bipartisan COVID relief bills not once, not twice, not three times, not four times--five times. Five times.
When Republicans had the majority, we didn't ram through COVID relief bills that were hard partisan bills, but, instead, we worked together with the other side.
When Joe Biden, who promised healing and unity, the first big bill he had, he made a choice: Do I want to honor what I said, or do I want to give into the angry socialist left?
And he rammed through a bill--a $1.9 trillion spending bill--that in the House of Representatives got zero Republican votes, and in the Senate got zero Republican votes.
And I have got to tell you, Senate Democrats didn't want a Republican vote. There wasn't even a minute of discussion of negotiation. There wasn't an attempt to make it bipartisan. It was: We have the power by the narrowest, narrowest margin, and we are going to abuse that power.
And, sadly, it hasn't changed. It has continued.
This Bernie Sanders, socialist budget--$5.5 trillion--is reckless and partisan, and it will get zero Republican votes in the House, it will get zero Republican votes in the Senate--because the Democrats believe they have a short window to fundamentally transform this Nation and to destroy the free market system that has produced the greatest prosperity this Nation has ever seen.
This is tragic, and I, for one, will continue doing everything humanly possible to lead the fight to stop this radical agenda that threatens the lives, the safety, the security, the liberties, the constitutional rights, and the financial future of 29 million Texans.
Bankrupting our kids and grandkids is serious business, and the political games from the Democrats are meant to distract from that.
And let me note, finally, there is legislation I have supported all 9 years I have served in this body. It is legislation introduced by the Senator from Pennsylvania, Senator Toomey, called the Full Faith and Credit Act, although I actually prefer a different name for it.
The name I prefer is the default prevention act. It is legislation that says, in the event the credit limit is not raised, the United States will never ever, ever default on the debt; that even without the credit limit being raised, there are tax revenues coming in every month.
So the default prevention act makes clear we will prioritize those tax revenues to interest on the debt, to paying our Active Duty military, and to Social Security and Medicare.
Government by crisis would end, or at least be substantially mitigated, if we pass the default prevention act.
Earlier today, I was on a radio program--Sean Hannity's radio program, where he played an interesting clip of Democrats all talking about debt ceiling denial or default denial.
And I would commend the other party. One of the things the Democrats do really well is message discipline. When they come up with talking points, it is remarkable. Every Democrat in these United States of America, from Joe Biden down to the county dog catcher, they repeat the exact same words.
So Sean Hannity played a whole series of just clips of Democrats using the identical talking points: Debt ceiling denial, default denial.
You know who is in denial is the Democrats. They are in denial that the debt ceiling exists. They are in denial of the $29 trillion that is bankrupting our kids and grandkids.
And they like these crises. Why do I know they like these crises? Because they don't want to pass the default prevention act.
If the Democratic Senators who give speeches about how bad a default would be, if they actually believed that, we could come together today and we could ensure the citizens of Texas, the citizens of Virginia, the citizens of Utah that there will never ever, ever, ever be a default of our debt.
But if we did that, it would mean that Senator Schumer and Nancy Pelosi and President Biden couldn't engage in the kind of theatrics, the kind of reckless brinksmanship that we have seen over the last several weeks. That would jeopardize their radical agenda.
I hope and pray that this body, the Senate, serves as the last bulwark to stop the radical socialist agenda that Washington Democrats are trying to ram through.
I yield the floor.