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




                           SECURE FISCAL PATH

  Mr. PRYOR. Mr. President, Abraham Lincoln once said:

       I am a firm believer in the people. If given the truth, 
     they can be depended upon to meet any national crisis. The 
     great point is to bring them the real facts.

  I think that is where we are today. I think we need to bring the 
people the facts about our Nation's debt. People in my State see 
through the games being played in Washington. They want solutions, 
courage, and leadership--the kind that puts us on a more secure fiscal 
path for the future.
  Mr. Bryant of Hot Springs Village, AR, writes:

       We know we have to increase the debt ceiling, so let's get 
     serious about finding a solution. . . . Why is this a problem 
     for our politicians? The public expects responsible 
     leadership not the demagoguery we are getting from both sides 
     of the aisle.

  That is the sentiment I hear around my State, and I am certain many 
of my colleagues are hearing this around the Nation.
  So here are the facts: For over 230 years, the U.S. Government has 
honored its obligations. Even in the face of the Civil War, two World 
Wars, and the Depression, America has paid its bills. Yet now we stand 
on the brink of tarnishing the full faith and credit of the United 
States. We stand here because Congress has failed to bring the American 
people the real facts.
  The easiest thing for politicians to do is say they are for lower 
taxes and for increased spending. This mindset has rung up a $14.2 
trillion national debt. We now borrow 41 cents of every dollar we 
spend.
  Under this debt, combined with the theatrics playing out in the House 
and the Senate, the unthinkable could happen. The 80 million bills the 
Federal Government pays could come to a screeching halt. That means 
millions of seniors may not receive their Social Security checks in the 
mail, troops may not receive paychecks, Medicare patients could be 
denied care, and the stock market could significantly drop.
  Moreover, credit rating agencies have warned us that we will likely 
lose our AAA credit rating without immediate action. Interest rates 
would permanently rise, piling on additional costs for families. The 
costs of owning a home, buying food, filling a gas tank, sending kids 
to college, and buying a car will become even more expensive.
  There is one more real fact I wish to highlight. A default adds 
heavily to our debt. For every 1-percent increase in the interest rates 
we pay, it adds $1.3 trillion to the debt. It is no wonder last summer 
the Chairman of the Joint Chiefs of Staff said, ``Our national debt is 
our biggest national security threat.''
  The Gang of 6 offers an alternative--a comprehensive roadmap that 
allows us to tackle the debt in a reasonable, responsible, and fair 
manner. I applaud Mark Warner, Saxby Chambliss, Kent Conrad, Tom 
Coburn, Mike Crapo, and Dick Durbin on this bipartisan effort. By 
leaving out political agendas, these Senators--these statesmen--
produced a plan to slash deficits by $3.7 trillion over 10 years. This 
plan follows the blueprint put forth by the fiscal commission following 
a year's worth of study and collaboration.
  In addition to an immediate $500 billion downpayment, the plan puts 
everything on the table. It balances the need to reduce spending, 
adjusts entitlement programs, and reforms our Tax Code. While I may not 
agree with every provision, I do like that it falls on every citizen to 
contribute to debt reduction. It allows us to achieve measurable 
results without jeopardizing safety net programs meant to protect the 
most vulnerable among us.
  Furthermore, it avoids gimmicks such as a constitutional amendment or 
cut, cap, and balance, which offer a nice sound bite but falls short.
  I am hopeful a gang of 60 will embrace this plan and that we can 
include it as part of the final debt ceiling solution.
  Congress has created this cliffhanger moment. Americans and leaders 
all over the world are now watching. The question for Congress remains: 
Will we rise to the occasion or will we fail?
  Mr. President, I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. MORAN. 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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