[Congressional Record Volume 157, Number 111 (Friday, July 22, 2011)]
[Senate]
[Pages S4813-S4814]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         CUT, CAP, AND BALANCE

  Mr. REID. Mr. President, in about an hour we will vote on the 
Republicans' so-called cap, cut, and balance legislation. As I have 
said before--in fact, just a few minutes ago--this is one of the worst 
pieces of legislation to ever be placed on the floor of the U.S. 
Senate. It violates the spirit of our Constitution and certainly what 
we are trying to accomplish here in Washington, and we as a Senate 
refuse to waste even one more day on this piece of legislation.
  We have 11 days left until the United States simply stops paying its 
bills, and, frankly, we have wasted too much time already. The U.S. 
House of Representatives needs to know this legislation has expired. It 
is gone.
  Republicans wanted a vote on their radical plan to kill Medicare and 
Social Security before they would consider helping Democrats avert this 
crisis. In an hour, they will get that chance. At least one of the 
Republican Senators went over to a large gathering in the House of 
Representatives,

[[Page S4814]]

I am told, and said: We are going to get at least 60 votes.
  Please, Mr. President.
  Their extreme plan would, within 25 years, cut in half every Federal 
benefit on the books, including Social Security, Medicare, Medicaid, 
military pay, veterans' benefits, and much more. Meanwhile, it would 
erect constitutional protections for hundreds of billions of dollars in 
special interest tax breaks to oil companies, corporations that ship 
jobs overseas, and millionaires and billionaires who are able to buy 
those yachts and corporate jets for which they get tax benefits.
  Republicans have demanded we pass this radical proposal before they 
will even consider cooperating with Democrats to avert a default crisis 
that would rock the global financial markets. They are, in effect, 
holding this Nation's economy hostage and demanding the death of 
Medicare and Social Security as its ransom. But we all know their 
failed prescription will fail in the U.S. Senate. They do not have the 
votes to pass a plan that would balance the budget on the backs of 
seniors and middle-class families while protecting unfair tax breaks 
for millionaires and billionaires.
  So we must move on, Mr. President. And I want to be very, very clear: 
There is simply no more time to waste debating and voting on measures 
that have no hopes of becoming law. We have no more time to waste 
playing partisan games. As the saying goes, indecision becomes decision 
with time. Our time is running out before this gridlock--this refusal 
by the other side to move even an inch toward compromise--becomes a 
decision to default on our debt. The markets are already reacting to 
our inaction. Every responsible voice, including those of my Republican 
colleagues--many of them, at least--has warned that much worse is to 
come if we do not take action and take it soon. That is a risk we 
cannot afford to take.
  So I ask my Republican colleagues again to join Democrats in seeking 
common ground. The American people have demanded it of us. 
Overwhelmingly, they have said a national default is a serious 
problem--and that is an understatement--and that both parties in 
Congress must meet in the middle.
  We all know there are talks going on between President Obama and 
Speaker Boehner. I wish them well. We await their efforts. What I am 
told, there will be revenue measures in that. If that is the case, we 
know constitutionally the matter must start in the House of 
Representatives.
  I say to both the President and to the Speaker here on the Senate 
floor, representing my Democrats--and I am confident many Republicans--
be very careful. Show a lot of caution as this negotiation goes forward 
because any arrangement must be fair to all of America, not just the 
wealthy.
  Would the Chair announce the proceedings for this morning.

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