Congressional Record, Volume 159 Issue 142 (Friday, October 11, 2013)

[Congressional Record Volume 159, Number 142 (Friday, October 11, 2013)]
[Senate]
[Pages S7389-S7390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

DEFAULT PREVENTION ACT OF 2013--MOTION TO PROCEED

Mr. REID. I move to proceed to Calendar No. 211, S. 1569, the debt
limit bill.
The ACTING PRESIDENT pro tempore. The clerk will report the motion.
The legislative clerk read as follows:

Motion to proceed to Calendar No. 211, S. 1569, a bill to
ensure the complete and timely payment of the obligations of
the United States Government until December 31, 2014.

Schedule

Mr. REID. Mr. President, following leader remarks, the Senate will
recess subject to the call of the Chair to allow for a Republican
special caucus meeting with President Obama.

Recognition of the Majority Leader

The ACTING PRESIDENT pro tempore. The majority leader is recognized.
Mr. REID. Mr. President, this is my opinion. If we allow the United
States to default on its debt for the first time in our glorious
history, it will be a black mark on our reputation, and that is a gross
understatement. There will be a financial disaster, and it will spark a
global recession.
As I indicated when I began, this is my opinion, but this is not my
opinion alone. If we listen to the economic leaders of this country,
respected economists, bankers, and business leaders, this is what they
say.
For example, yesterday the chief executive officer of the American
Express, whose company is valued at almost $80 billion, said this about
default:

What's important to understand is if the United States hits
the debt ceiling and is unable to pay its debts, the
consequences will be immediate and dramatic. . . . If the
U.S. defaults, the [global financial] system literally
unwinds.

So no one misinterprets what he said, I will read it again.

His dire warning has been accepted and echoed by reasonable Members
of Congress, including many Republicans. Even Speaker Boehner admitted
in 2011, the last time Republicans forced this country to the brink of
default, that failing to pay the bills would be catastrophic. He said:

Not raising the debt limit would have serious--very
serious--implications for the worldwide economy and jobs here
in America.

But this year Speaker Boehner seemed willing to risk default day
after day, holding the full faith and credit of the United States
hostage to extract extreme political concessions.
Yesterday it was very good to see my Republican colleagues, some at
least, come around to the idea of a clean bill to avert default. Think
about that. They are talking about extending the debt ceiling for 2
months--for 6 weeks. Please.
But some have admitted the clean bill to avoid default should be the
standard. I certainly agree with that.
I repeat, we do not believe a 6-week delay of a catastrophic default
is enough to give the economy the confidence it needs to continue
growing and recovering. Using their theory, we would have another one
of these periods of bedlam in Washington before the most important
purchasing season at any time during the year, Christmas, right before
Christmas, when people are beginning to buy things for Christmas.

[[Page S7390]]

We will vote tomorrow on a 15-month measure to ensure the United
States lives up to its obligations, giving the economy certainty and
stability over the long term. But Congress's work to restore faith in
government won't end with avoiding default.
The Federal Government is still closed for business, causing hardship
and heartbreak for millions of American families, such as the
Trowbridge family in Reno, NV. They have a 17-year-old son Austin who
was scheduled to receive an experimental bone marrow transplant at NIH
in Washington. Without the transplant, he could die, just as his
brother did 5 years ago from the same disease.
But the National Institutes of Health are shuttered, along with the
rest of the government and the Centers for Disease Control. The
assistant Democratic leader has laid out 79 different programs that
would need to be reinstated to open the government, and we are getting
them piecemeal--piecemeal.
In the meantime, people are suffering, not only Federal employees but
the people who depend on them. We have four States that are trying to
work something out with Secretary Jewell to have the States pay for
opening national parks.
It is time for Republicans to give the Trowbridge family and others
some relief. Reopen the government, the whole government, so kids such
as Austin can get the treatment they need. Families of law enforcement
officers killed in the line of duty can't get the death benefits they
deserve. Why? Because the government is closed. Every American family
who relies on the Federal Government can't get the help and services
they need.
Reopen the Federal Government, let's pay our bills, and then let's
negotiate a sensible budget solution that secures our country's long-
term fiscal leads.

Recognition of the Minority Leader

The ACTING PRESIDENT pro tempore. The Republican leader is
recognized.

The Debt Ceiling

Mr. McCONNELL. Shortly I will join my Republican colleagues at the
White House. It will be a good time to engage in a frank exchange of
ideas with the President, if that is what he is looking for. But if all
the President wants is to drag us over there to say he won't negotiate,
that won't be particularly productive.
Throughout this crisis, the President has taken what you might call
an unorthodox approach to governing. His basic position could be summed
up in basically three words: He won't negotiate.
I think that has left many Americans scratching their heads. I know
the President and the Democratic leaders in Congress want to borrow
more money without any strings attached. But the rest of us actually
want to enact some commonsense reforms to get our debt under control,
and we want to keep our commitments to the American people.
A key point is: Nobody wants a default. That is why, in 50 years of
negotiations over multiple debt ceiling increases, we haven't had a
single default, not a one. We have negotiated over debt ceilings for 50
years and never had a default. Let's put this hysterical talk of
default behind us and instead start talking about finding solutions to
the problems.
There are a variety of ways to get debt and spending under control, a
lot of innovative reforms we should consider. But we need to talk to
each other if we are going to make any of that happen.
I will bet that some of my Democratic friends have spending-cut ideas
as well, and we would like to hear them. Let's sit down and talk this
out. Members on both sides of the aisle in Congress are discussing
solutions, and these discussions will continue as soon as we get back
from the White House.

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