[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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