[Congressional Record Volume 167, Number 158 (Tuesday, September 14, 2021)]
[Senate]
[Pages S6464-S6465]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              DEBT CEILING

  Mr. SCHUMER. Mr. President, now, finally, on debt ceiling. In the 
long history of our country--the long, long history--the United States 
has never defaulted on its obligations to pay its debt. The full faith 
and credit of the United States has been the bedrock of our country's 
economic prosperity--a spotless record that both parties have, for 
years, worked together to preserve.
  No matter who was President, Democrat or Republican, in the past, the 
other party always stepped up to the plate and said: We can't let the 
country default.
  Until most recently, when President Trump was in office, Democrats 
stepped up on three separate occasions to work with Republicans to 
suspend the debt ceiling and continue to ensure that the U.S. was able 
to pay its bills, even when there was a Democratic majority in the 
House. We did not resort to hostage-taking or proclaim that it was the 
other side's responsibility. We simply knew that when it came to the 
debt ceiling, it was important to put aside political differences and 
act responsibly, no matter who sits in the Oval Office.
  We know that failing to raise the debt ceiling would be--as the 
Republican leader has said in the past when

[[Page S6465]]

Trump was President and he was arguing that Democrats should join him, 
would be a disaster. Well, if anything, that is an understatement.
  Just yesterday, one top forecaster said that ``a failure to raise the 
debt limit will have serious negative consequences.'' So in the 
immediate future, we need to raise the debt ceiling again. As in 
previous instances, it must, must, be a bipartisan endeavor, and the 
reason is simple: We have to get this done.
  But much of the recent debt we need to pay for was incurred during 
the Trump administration. In fact, President Trump added nearly $8 
trillion to the national debt, $5\1/2\ trillion of which was since the 
last time the debt limit was suspended until Trump's final day in 
office.
  So, in other words, $5\1/2\ trillion of this debt is totally under 
Republican management, in a sense, because Trump was the President and 
Leader McConnell was the majority leader. Democrats think that we got 
that. That is when the debt was created, with Republican votes--lots of 
Republican votes. Both sides, led by a Republican Senate, as I said, 
incurred much of this debt. Senators from both parties overwhelmingly 
voted in support of the many laws that contributed to this obligation. 
So neither party can wash its hands of responsibility to pay the bills.
  Leader McConnell keeps talking about the new spending the Democrats 
have done. That is not this debt. This debt, $5\1/2\ trillion, was all 
under Trump and when McConnell was the majority leader. Leader 
McConnell was the majority leader.
  Some Republicans recklessly, irresponsibly, so overwhelmingly 
politically seem eager to push our economy to the brink of total 
catastrophe by suggesting they will oppose any effort to raise the debt 
ceiling. And rather than urging their colleagues to immediately drop 
this reckless idea, the Republican leader--shame on him--seems to be 
giving it his blessing, if not promoting it.
  If the United States defaults on its debt, it will harm every single 
American in this country, including potentially those who rely on 
Social Security and the members of our military. The consequences will 
reverberate around the world and will cause irreparable harm to the 
global economy at a time when we are all working to lift ourselves out 
of a once-in-a-century pandemic.
  So any efforts to play nasty, political games with the full faith and 
credit of the United States is reckless, irresponsible, and despicable. 
It could pose permanent damage to the U.S. economy and is a complete 
nonstarter.
  In America, when it is time to pay the bills, we do it without 
exception.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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