[Congressional Record Volume 157, Number 111 (Friday, July 22, 2011)]
[Senate]
[Pages S4826-S4827]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             MOVING FORWARD

  Mr. REID. Mr. President, the Senate just conducted a very important 
vote. We have now demonstrated that the House Republicans' cut, cap, 
and balance bill is over, done, and dead. This was a necessary step, 
and this step now allows the process to move forward.
  Let me take a moment to discuss where we go from here.
  Earlier this week, the Republican leader and I were working together 
on a path to avert insolvency. It was a fallback plan. It was the 
second choice for everyone, including me, and the Republican leader I 
am sure. But earlier this week, it looked as though we needed to go to 
that fallback plan as soon as possible. Thus, earlier this week, it 
looked as though the Senate would have to originate that legislation, 
perhaps as soon as today, to avoid default.
  During the course of the week, however, circumstances have changed. 
The Speaker and the President have been working diligently together to 
reach an agreement on a major deficit-reduction measure. As I said 
earlier this morning, I wish them both very well. That is very 
important to our country.
  The product on which they are working would address, I understand, 
both taxes and spending. Under the Constitution, the House of 
Representatives must originate all revenue measures. Therefore, the 
path to avert default now runs first through the House of 
Representatives--that is what the Constitution demands--and we in the 
Senate must wait for them. Therefore, the Senate does not need to 
originate legislation today.
  Earlier this week, I had announced the Senate would need to be in 
session this weekend. But based on these changed circumstances--and 
they change fairly rapidly--that is no longer the case.
  So at the close of business today, the Senate will be out until 
Monday. Over the weekend, of course, there will be all kinds of 
meetings going on, and I will do my best to monitor closely the talks 
between the President and the Speaker, and I will await word of their 
hoped-for success.
  We will be back on Monday. The Senate will have at least one vote 
Monday evening, and the Senate will wait anxiously for the House of 
Representatives to send us their work product so we can later next week 
pass legislation to prevent a default in our great country.
  I am going to consider moving other legislation in case that does not 
work in the House of Representatives. I received a letter from Senators 
today as to some suggestions they have. There is a meeting that is 
going to take place at 11 o'clock today with the Gang of 6. The 
Republican leader and I will be in on that meeting. We are doing our 
very best to keep all Senators, Democrats and Republicans, on top of 
what is going on. But, frankly, in fairness to the Republican leader 
and to me, a lot of what is going on we don't know. So we are, because 
of the negotiations--at least I am speaking for myself; I can't speak 
for the Republican leader, but I have not been in the day-to-day 
negotiations as to what is going on between the President and the 
Speaker.

[[Page S4827]]

  For the third time today, I say as sincerely as I can, I wish them 
well. It is extremely important we address the debt, and it is 
extremely important we understand we are no longer talking about credit 
ratings. We are talking about the default of our debt. I hope this 
weekend brings good sense and common sense and vitality to the work 
being done between the President and the House of Representatives.
  I note the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. PRYOR. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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